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China's end-July commercial crude stocks up 5.8pc on month BEIJING: China's commercial crude oil inventories at the end of July rose 5.8 percent from the previous month as refineries cut crude throughput, the official Xinhua news agency said on Monday. Over the same period, refined fuel stocks fell 1.7 percent from end-June, Xinhua reported in its oil and gas newsletter China OGP. Gasoline stocks dropped 1.15 percent and diesel stocks fell 1.05 percent from a month earlier, Xinhua said. The fall in diesel stocks slowed from the previous few months as summer harvest came to an end and wide-spread rains hit consumption, it said. Diesel is the primary motor fuel for the trucks, tractors and other farm equipment used in China's crop harvests, and the heavy rains reduced transportation and travelling. Kerosene stocks fell 6.83 percent from end-June as jet fuel consumption rose during the peak summer tourism season, Xinhua also said. The OGP newsletter does not provide outright ...

Sinopec expects China shale drilling costs to drop to $50mn per well from $80mn HONG KONG: State-run oil company Sinopec Corp said on Monday it expects shale drilling costs in China to drop to $50 million per well from $80 million in three to five years. Chairman Fu Chengyu was speaking at the firm's results briefing after it reported a better-than-expected 36 percent rise in second-quarter profit as an improvement at its refining and marketing businesses more than offset a weakening chemicals division.Copyright Reuters, 2014 ...
Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asian trade Monday on a stronger dollar as investors digested Federal Reserve chief Janet Yellen's defence of the bank's monetary policy, analysts said.US benchmark West Texas Intermediate for October eased 15 cents to $93.50 while Brent crude for October tumbled 19 cents to $102.10.The US dollar surged against the yen in Asian trading Monday to 104.18 yen -- its highest level since January -- from 103.87 in New York Friday. ...
Brent edges down near $102 as supply, dollar weigh SINGAPORE: Brent crude dipped towards $102 a barrel on Monday as ample supply and a stronger US dollar continued to pressure oil markets. Geopolitical tensions in Ukraine and Libya underpinned prices, but did little to push them higher in the absence of any supply disruptions. Brent crude, which has fallen for the past two weeks, extended losses to fall 11 cents to $102.18 a barrel by 0442 GMT. US crude for October delivery was at ...
Oil prices down in Asian trade SINGAPORE: Oil prices fell in Asian trade Monday on a stronger dollar as investors digested Federal Reserve chief Janet Yellen's defence of the bank's monetary policy, analysts said. US benchmark West Texas Intermediate for October eased 16 cents to $93.49 while Brent crude for October tumbled 19 cents to $102.10.The US dollar surged against the yen in Asian trading Monday to 104.19 yen -- its highest level since January -- from 103.87 in New York ...
Kuwait to boost oil exports to China to 500,000 bpd in three years DUBAI: Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday.On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis."With new and mutual cooperation between the two parties, there is ...
Sinopec Q2 earnings rise 36pc, beat forecast HONG KONG: Sinopec Corp, Asia's largest refiner, posted a 36 percent rise in second-quarter profit, beating forecasts, as a strong improvement at its refining business more than offset a weakening chemicals division. It posted a net profit of 18.44 billion yuan ($3.0 billion) for the April-June period versus 13.58 billion a year earlier, under international accounting standards, it said in a filing with the Shanghai bourse. The result topped with an average forecast of 16.03 ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln