Oil Daily | CNOOC Advances in Offshore Oil with Largest Platform Installation and New Production Launch

【Global Oil Supply and Demand】

China's coal imports decreased for the third consecutive month in May, reaching 36.04 million tons, due to ample domestic supply and increased wind and solar generation. Despite a decline in thermal power generation, new coal power plant approvals have surged, indicating coal's continued importance in China's energy mix.

【Industry News】

The U.S. solar industry saw strong capacity additions in Q1, despite a 7% drop from the previous year. Solar accounted for 69% of new electricity-generating capacity, with Texas and Florida leading installations. However, federal trade policies could slow future growth, risking jobs and investments in solar manufacturing.

【Oil-Producing Countries Dynamics】

CNOOC installed the largest offshore platform at the Bohai Sea's Kenli field, with significant oil reserves. The company also commenced production at Weizhou 5-3 in the South China Sea. Despite record production in 2024, CNOOC plans to maintain production levels and focus on sustaining crude and expanding gas reserves.

【Company News】

China's rare earth exports rose by 23% in May despite export controls, reaching the highest monthly level in a year. However, magnet exports showed a significant decline, impacting global supply chains. The automotive industry, including Germany's VDA, warned of potential production disruptions due to China's export curbs.