July 19, 2024
OIL MARKET UPDATE: Prices leap on account of China’s huge imports
MARKET UPDATE: US, Brazil, Norway, Canada, Kazakhstan, Guyana to drive oil supply in 2023
– By Alison Godswill

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OIL MARKET UPDATE: Prices leap on account of China’s huge imports

By Eyo Nsima

Crude oil prices rose, Wednesday, following the appearance of data indicating that oil imports from China, a very fast growing economy, increased in May 2023 from the relatively low level recorded in April.

The data obtained by The Daily, www.thedaily-ng.com indicated that China’s crude oil imports rose in May by 12.2 per cent year-on-year and by 17.4 per cent compared to April 2023.

 

Specifically, the data from the General Administration of Customs showed that as many refiners resumed refining after maintenance, China imported 12.11 million barrels per day (bpd) of crude in May.

The data which raises hope for continued high demand in the coming months saw the prices, including Brent and WTI rising to $77.08 and $72.57 per barrel, from $75 and $72 per barrel respectively.

Recall that a few hours after the decision of the Organisation of Petroleum Exporting Countries and its allies, popularly known as OPEC+ that met in Vienna, Austria had cut output by about 800,000 barrels per day, the prices of Brent and others rose to over $77 per barrel.

Oil prices later dropped again to almost their pre-OPEC+ meeting levels, thus constituting a source of worry in oil producing and exporting countries.

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