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  • China’s crude oil imports from Saudi up 8.8% y/y in March, UAE shipments jump

    Shipments from Saudi Arabia were 7.84 million tonnes, equivalent to 1.85 million barrels per day (bpd), data issued by China’s General Administration of Customs showed on Tuesday. That was higher than 1.7 million bpd a year earlier, but below imports of 1.94 million bpd in February. Saudi Arabia retained its position as China’s biggest crude oil supplier for a seventh consecutive month.

  • China hesitant over J-10C barter deal with cash-strapped Iran: experts

    Reports of Tehran’s interest in the jet have been circulating on Chinese social media platforms for months, with the expiry in October last year of the UN’s 13-year arms embargo which prohibited Iran from buying foreign weapons like tanks and fighter jets. “The key problem is Iran can’t pay dollars or euros in cash to China, they prefer using oil and natural gas to exchange weapons,” said Zhou Chenming, a researcher with the Yuan Wang think tank, a Beijing-based military science and technology institute.

  • China’s Iranian oil buying spree crushes demand for Brazil, Angola crude

    China’s record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe.

  • China and US to power 6% global growth in 2021, IMF says

    The global economy is set to grow 6% this year thanks to progress with coronavirus vaccinations and additional fiscal support in the U.S., the International Monetary Fund projected on Tuesday in an updated outlook report. The 6% figure marks a 0.5-percentage-point upgrade from the fund's January forecast, and a brisk reversal from an estimated 3.3% contraction for 2020. Next year, global gross domestic product is expected to expand 4.4%, up from the previously predicted 4.2%, the IMF said.

  • China’s Iran oil imports seen hitting new high in March, curbing OPEC output options

    China will receive another large influx of cheap Iranian oil in March passed off as crude from other origins, curbing the top importer's appetite for crudes from other suppliers, according to traders and analysts. Close to 1 million barrels per day of Iranian crude could arrive at China this month, nearly half the volume that the world's top exporter Saudi Arabia supplied to China in the first two months this year. Refinitiv Oil Research estimates this month's arrivals at 3.75 million tonnes (27 million barrels), topping the previous record in January of 3.37 million tonnes.

  • Iran and China sign 25-year cooperation agreement

    “Relations between the two countries have now reached the level of strategic partnership and China seeks to comprehensively improve relations with Iran,” Chinese Foreign Minister Wang Yi was quoted by Iran’s state media as telling his Iranian counterpart Mohammad Javad Zarif. “Our relations with Iran will not be affected by the current situation, but will be permanent and strategic,” Wang said ahead of the televised signing ceremony.

  • Saudi crown prince meets China FM in Neom

    The meeting was also attended by the Kingdom’s Foreign Minister Faisal bin Farhan and China’s ambassador to the Kingdom Chen Weiqing.

  • China says will safeguard Iran oil deal, defend Sino-Iran relations

    Reuters reported that Iran has “indirectly” moved record volumes of oil into China in recent months, marked as supplies from Oman, the UAE and Malaysia.

  • China May Be Taking Rebranded Iran Oil Amid Increased Scrutiny

    There were zero crude shipments from Iran during January and February, the first time China has recorded no imports from the OPEC producer since August, according to customs data. However, purchases from Oman and Malaysia -- which Iranian supplies are often re-branded as -- have surged this year.

  • Aramco Aims to Partner With China on Blue Hydrogen, CEO Says

    China is the world’s largest producer of hydrogen, though currently uses fossil fuels for most of that output. Spurred by the nation’s target for net zero greenhouse gas emissions by 2060, energy giants including China Petroleum & Chemical Corp., or Sinopec, are working on a shift to blue hydrogen -- a process in which most carbon dioxide is captured and stored -- and green hydrogen, which delivers oxygen as a byproduct.