Russia remains China’s largest crude oil supplier for ninth month

Hindustani78

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For the first 11 months of the year, Russian supplies expanded 15.5 percent on the year to 54.77 million tonnes, or 1.2 million bpd, overtaking Saudi Arabia by 159,000 bpd.
By: Reuters | Beijing | Updated: December 26, 2017 1:22 pm
http://indianexpress.com/article/wo...t-crude-oil-supplier-for-ninth-month-4999158/

Russia held on as China’s largest crude oil supplier for the ninth month in a row in November, also topping Saudi Arabia for the year so far, Chinese customs data showed on Tuesday. Shipments from Russia in November reached 5.12 million tonnes, or 1.26 million barrels per day (bpd), up 11 percent from a year ago, according to detailed commodity trade data for last month from China’s General Administration of Customs.

That compared to October’s 1.095 million bpd in Russian oil imports, and a record set in September at 1.545 million bpd. Saudi Arabia came in second, with November imports from there dropping 7.8 percent from a year ago to 1.056 million bpd.

For the first 11 months of the year, Russian supplies expanded 15.5 percent on the year to 54.77 million tonnes, or 1.2 million bpd, overtaking Saudi Arabia by 159,000 bpd. The boost in Russian supplies was supported in part by robust demand from China’s independent refineries, and also by increases in supplies via a trans-Siberia pipeline.

Iraq supplies ranked third in November with shipments at 4.21 million tonnes, or 1.023 million bpd. Year-to-date Iraq supplied 5.5 percent more oil than a year earlier at 762,900 bpd, the data showed.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers on November 30 extended an oil output-cutting deal until the end of 2018 in a bid to finish clearing a supply glut. But market watchers are increasingly interested in how producers will exit the deal once the excess is cleared.

US shipments to China – which have benefited from the OPEC-led output cuts – last month came in at 1.18 million tonnes, or 288,260 bpd. Supplies for January-November period totalled 6.8 million tonnes, or 148,600 bpd.

China’s total crude oil imports rebounded to the second highest on record last month to 9.01 million bpd, with imports partially driven by a new additional batch of import quotas released to independent refiners.
 

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http://www.deccanherald.com/content/651572/pakistan-allows-use-chinese-yuan.html

Pakistan allows use of Chinese yuan for trade, investment
Agence France Presse, Islamabad, Jan 3 2018, 14:08 IST

A China yuan note, Reuters file photo

Pakistan will allow the Chinese yuan to be used for imports, exports and financing transactions for bilateral trade and investment activities, in a move economists said Wednesday would simplify a massive Chinese investment project.

Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan said in a statement issued Tuesday.

"As per current foreign exchange regulations, Chinese Yuan (CNY) is an approved foreign currency for denominating foreign currency transactions in Pakistan," it said.

"In terms of regulations in Pakistan, CNY is at par with other international currencies such as USD, Euro and JPY," it added.

The bank said that in light of a massive Chinese infrastructure project in Pakistan, the move would "yield long-term benefits for both the countries".

The China-Pakistan Economic Corridor (CPEC), a $54 billion project launched in 2013 linking western China to the Indian Ocean via Pakistan, has been hailed as a "game changer" by Pakistani officials.

They hope the power stations and transmission lines built as part of the project will help ease Pakistan's chronic power crisis.

Economic analyst and former government adviser on finance Salman Shah welcomed the State Bank's move, saying that avoiding dollar transactions in the implementation of CPEC would "simplify matters very considerably".

The Chinese economy is now one of the biggest in the world, he said, justifying the use of the Chinese currency of choice.
 

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