Argus Crude Forum
Feeding the giant - China's insatiable appetite for oil
Converging on the giant
China’s refining capacity additions have helped to shield the country’s oil demand growth from the negative effects of an economic slowdown. The liberalisation of the independent refining sector over the past two years has also opened up new opportunities for Shandong province to import crude directly from the international market, bringing to the forefront dozens of new participants that are chasing new supply sources.
This has also led Chinese state-controlled refiners to become more aggressive in their purchasing strategy, setting their eyes on new frontiers as a structurally oversupplied global market increases the competitiveness of shipments from the Atlantic basin to Asia-Pacific.
- China’s unwavering role as Asia-Pacific’s key oil demand
- Russia consolidates its role as China’s largest crude supplier
- Middle Eastern producers compete for market share in Shandong’s independent refinery market
- North American crude exports to China: the new piece in the puzzle
- Latin America looks east: seeking a long-term anchor in the Asian market