Oil Daily | China's Refinery Throughput Decline Marks Major Shift in Oil Demand and Imports
Saturday, Jan 18, 2025 7:01 am ET
1min read 【Global Oil Supply and Demand】
Consumption of natural gas in Italy dropped by 2.5% in 2024 to the lowest level in over 15 years, mainly due to higher prices post-energy crisis. The decline in demand, alongside reduced imports, raises vulnerability to supply shocks. Italy advocates for a lower EU natural gas price cap to mitigate bill spikes.
China experienced its first annual decline in refinery throughput in over two decades, excluding the pandemic year, due to weaker fuel demand and depressed refining margins. The shift towards electric vehicles and LNG trucks, coupled with slower economic growth, contributed to reduced oil demand and lower crude imports in 2024.
Russia's refined oil product exports by sea decreased by 9.1% in 2024, owing to low processing rates, export bans, and drone attacks damaging refineries. Ukrainian drone strikes have been a persistent threat, impacting refinery operations and reducing export volumes from key ports like Tuapse.
【Oil-Producing Countries Dynamics】
The European Union and Mexico finalized a revamped free-trade agreement ahead of Trump's second term, emphasizing rules-based trade for economic and climate benefits. This move comes as Mexico seeks to fortify trade ties amid US policy changes impacting trade dynamics with Canada and Mexico.
【Industry News】
A fire at the Vistra battery storage plant in California led to evacuations and highway closures. This facility, one of the world's largest, comprises tens of thousands of lithium batteries. Despite previous fires due to sprinkler malfunctions, the cause of the latest incident remains under investigation.
【Company News】
SLB reported stronger-than-expected fourth-quarter earnings in 2024, driven by robust North American and international activity. The company increased its quarterly dividend and announced a share repurchase plan, citing an undervalued stock. CEO Olivier Le Peuch anticipates positive investment growth in the oil and gas sector, despite current oversupply challenges.
Consumption of natural gas in Italy dropped by 2.5% in 2024 to the lowest level in over 15 years, mainly due to higher prices post-energy crisis. The decline in demand, alongside reduced imports, raises vulnerability to supply shocks. Italy advocates for a lower EU natural gas price cap to mitigate bill spikes.
China experienced its first annual decline in refinery throughput in over two decades, excluding the pandemic year, due to weaker fuel demand and depressed refining margins. The shift towards electric vehicles and LNG trucks, coupled with slower economic growth, contributed to reduced oil demand and lower crude imports in 2024.
Russia's refined oil product exports by sea decreased by 9.1% in 2024, owing to low processing rates, export bans, and drone attacks damaging refineries. Ukrainian drone strikes have been a persistent threat, impacting refinery operations and reducing export volumes from key ports like Tuapse.
【Oil-Producing Countries Dynamics】
The European Union and Mexico finalized a revamped free-trade agreement ahead of Trump's second term, emphasizing rules-based trade for economic and climate benefits. This move comes as Mexico seeks to fortify trade ties amid US policy changes impacting trade dynamics with Canada and Mexico.
【Industry News】
A fire at the Vistra battery storage plant in California led to evacuations and highway closures. This facility, one of the world's largest, comprises tens of thousands of lithium batteries. Despite previous fires due to sprinkler malfunctions, the cause of the latest incident remains under investigation.
【Company News】
SLB reported stronger-than-expected fourth-quarter earnings in 2024, driven by robust North American and international activity. The company increased its quarterly dividend and announced a share repurchase plan, citing an undervalued stock. CEO Olivier Le Peuch anticipates positive investment growth in the oil and gas sector, despite current oversupply challenges.
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