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COVID-19 - News digest as of 09.06.2021

June 09/2021

1. PetroChina ordered to stop trading off oil quotas with independent refineries

MOSCOW (MRC) -- Chinese authorities have ordered a unit of state-run PetroChina to stop trading off crude oil import quotas with local refineries as part of a crackdown on excessive fuel production, a move that could cut the country"s crude imports by 3%, reported Reuters with reference to sources. Beijing has stepped up scrutiny of crude oil quota use and imports by state and private firms this year to ease a fuel surplus that has weighed on the sector"s profits and led to excess emissions that have undermined China"s climate goals, said five industry sources with knowledge of the matter. PetroChina Fuel Oil Co Ltd is a major crude oil supplier to China"s independent refineries.

2. Crude oil prices hit fresh highs on EIA outlook for lower global oil inventories in H2 2021

MOSCOW (MRC) -- Crude oil futures hit fresh multiyear highs during midmorning Asia trade June 9 as the US Energy Information Administration forecast a decline in global oil inventories in the second half of 2021 in its June Short-Term Energy Outlook, reported S&P Global. The rally was further supported by signs that the US-Iran talks, which could bring sanctioned Iranian barrels back into the market, would take longer than expected. At 11:12 am Singapore time (0312 GMT), the ICE August Brent futures contract was up 50 cents/b (0.69%) from the previous settle at USD72.72/b while the NYMEX July light sweet crude contract was up 47 cents/b (0.67%) at USD70.52/b.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, PetroChina, COVID-19, Iran, China, USA.
Category:General News
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