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Deutsche Bank predicted that China's oil demand would rise 5.8% in 2014, slightly faster than the 5.2% recorded in Q1 2014. China's foreign minister said that the country is seeking long-term partnerships with Brazil and Venezuela in oil and gas projects, without giving details.
Energy consultancy ICIS said that the Middle East continued to be China's largest liquefied petroleum gas supplier in March after China imported 253,957 tons of the energy from the region in the month, or 84% of its total imports during the month.
Major Chinese refineries tracked by ICIS were running at 80.1% capacity utilization in the week through April 27, down 0.32%age points from 2 weeks ago. ICIS tracks 35 major refineries in China with a total annual capacity of 381 million tonne or 71% of the nation's total.
China hiked retail gasoline and diesel prices by CNY 145 per tonne and CNY 155 per tonne respectively on April 25th, according to a statement on the website of the National Development and Reform Commission, the nation's top economic planner. It was the second fuel price markup in 2014.
Energy consultancy Platts said that China's demand for Russian M100 fuel oil, a typical feedstock for teapot refineries, is declining as its substitutes are trading at CNY 5,200 to CNY 5,300 per tonne while the Russian M100 at CNY 5,900 to CNY 5,950 per tonne.
Sinopec said that China has lifted a ban on new refining projects from Sinopec and PetroChina. The ban was imposed by China's Ministry of Environmental Protection in August 2013.