Downstream to the rescue for China
China's NOCs have had a few difficult years. But restructuring and a modest oil-price recovery are helping
The influence of the Beijing government on China's oil and gas sector continues unabated. According to data from the National Bureau of Statistics, in the first six months of 2017 output from oil refineries hit about 11.1m barrels per day, up 4% on 2016 and the highest level on record. This is mainly because independent refiners—the so-called teapots—were allowed to import more crude. Similarly, natural gas production rose by 8% to 74.1bn cubic metres for the same period as Beijing put pressure on industry to cut back on coal consumption. Also, the country's national oil companies (NOCs) are entering a new phase as the government pushes them to work more with private companies as a way of pl
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
