China’s January crude oil imports hit record high. Russia expects 2014 oil output to renew post-Soviet record

theoilandgasworld

China’s crude oil imports rose 11.9 percent in January from a year earlier to a record 6.63 million barrels per day (b/d), as companies restocked ahead of the Lunar New Year holiday despite lukewarm demand growth. The surprisingly high figure could also be due to data distortions ahead of the week-long break that fell across the first week of February, as companies tend to advance book cargos that are due to arrive in early February.

China, the world’s top energy consumer, took in 28.16 million tonnes, or 6.63 million bpd, of oil last month, up 5.1 percent from the previous record of 6.31 million in December of last year, according to the General Administration of Customs.

Demand for crude appeared less robust than the imports indicate as the top two state refiners Sinopec and PetroChina were due to process 1.9 percent less oil in January than in December, according to…

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IEA: Russia Likely to Benefit from Shale Revolution

Alphaenergy Belgrade

The steep growth of shale gas production in the US and other countries known as the shale revolution means not only risks but new opportunities for Russia, IEA chief economist Fatih Birol has said. He said that the leading suppliers of natural gas have been losing their former role as a result of the shale revolution. 

Russia may face more competition due to the continuing diversification of supplies and the emergence of new exporters such as Australia and North America, as well as new suppliers of natural gas.

At the same time, said Birol, the continuing development of unconventional gas resources is likely to increase trust in gas as a reliable energy source so the role of gas in the global energy supply structure is set to grow. This is good news for such big suppliers as Russia, said Birol.

He also opined that as a result of the shale…

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