BEIJING -- The global oil price collapse is battering China's upstream oil companies but acts as a boon to downstream refineries, analysts said.Partly due to the coronavirus pandemic, international crude prices slumped in the past few months, with the benchmark Brent crude nosediving from about $68 per barrel in early January to around $25 at present.The upstream of the oil industry including oil producers and oilfield service firms has been hit hard by the plummeting prices, said Dong Xiucheng, professor with the University of International Business and Economics.The cost of domestic oil ...
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2020
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Analysts said the US oil futures price turning negative reflects an energy market continuing to reel from the dual demand-supply shock amid the COVID-19 pandemic, and China should further increase domestic oil and gas storage facility construction for better energy security.The May contract for US oil benchmark has turned negative for the first time in history, as the coronavirus pandemic decreased demand for fuel amid insufficient storage for the massive glut of oil.West Texas Intermediate for May delivery shed $55.9 to settle at-$37.63 a barrel on the New York Mercantile Exchange on Monday, ...
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2020
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Companies again allowed to sell abroad as nation facing excessive productionChina's granting export quotas for refined oil products to non-State-owned refineries in the Zhejiang Pilot Free Trade Zone will ease the country's domestic oversupply of petroleum products, while sharpening the competitive edge of local refiners, said insiders.With a new round of refining capacity expansion, the country is facing excessive oversupply in the sector, and permitting qualified private companies to export oil products will ease the pressure, said Li Li, research director at energy consulting compan...
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2020
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