RUSSIA IS CHINA’S TOP OIL SUPPLIER FOR A THIRD MONTH IN JULY, CUSTOMS DATA SHOWED

RUSSIA IS CHINA’S TOP OIL SUPPLIER FOR A THIRD MONTH IN JULY, CUSTOMS DATA SHOWED - FOREXMAILER

Russia held its spot as China’s top oil supplier for a third month in July, data showed on Saturday, as independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil.

Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled 7.15 million tonnes, up 7.6% from a year ago, data from the Chinese General Administration of Customs showed.

Still, Russian supplies in July, equivalent to about 1.68 million barrels per day (bpd), were below May’s record of close to 2 million bpd. China is Russia’s largest oil buyer.

Top THREE Award-Winning Brokers in 2022
LiteFinance
IC Markets
Avatrade

Imports from second-ranking Saudi Arabia rebounded last month from June, which was the lowest in more than three years, to 6.56 million tonnes, or 1.54 million bpd, but still slightly below year-ago level.

Year-to-date imports from Russia totaled 48.45 million tonnes, up 4.4% on the year, still trailing behind Saudi Arabia, which supplied 49.84 million tonnes, or 1% below the year-ago level.

China’s crude oil imports in July fell 9.5% from a year earlier, with daily volumes at the second lowest in four years, as refiners drew down inventories and domestic fuel demand recovered more slowly than expected.

The strong Russian purchases squeezed out competing supplies from Angola and Brazil, which fell 27% year-on-year and 58%, respectively.

Trade With Our Recommended Broker - AssetsFX

Customs reported no imports from Venezuela or Iran last month. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary U.S. sanctions.

Imports from Malaysia, often used as a transfer point in the past two years for oil originating from Iran and Venezuela, soared 183% on the year, to 3.34 million tonnes, and up from June’s 2.65 million tonnes. - CNBC

Comments

Sony Music Files Trademarks for New Forms of Media and Metaverse-Related Terms

Money is a good example of a fungible asset because its units can be exchanged for one another easily. The value of a Rs 20 note would be preserved if exchanged, for instance, for two Rs 10 notes. Items like furniture, music files, pictures, and homes are examples of non-fungible assets in economics. These items can't be replaced with anything else because they have their own unique characteristics. The original work of art will always be more precious than any copy or photograph of it. For this reason, NFTs represent the ownership of one-of-a-kind items such as works of art, collectibles, and even real estate. The Ethereum blockchain guarantees that only one person can legally own one of these NFTs at any given time, and that the ownership record cannot be altered or new NFTs created. Mike Kondoudis, who is licensed to practice law in the United States Patent and Trademark Office, claims that Sony Music Entertainment, a major record company, has applied to trademark non-fungible t...

What exactly does "risk management" mean?

In layman's terms, risk management is a process that makes it possible to understand and manage both individual risk events and overall risk in a way that maximizes success by minimizing threats and making the most of opportunities and outcomes. In other words, it is a process that makes it possible to understand and manage both individual risk events and overall risk. To effectively manage risk, one must make a management effort to exert as much influence as possible on future events by taking preventative actions rather than responding to crises as they unfold. This should be done rather than trying to manage risk by reacting to crises as they occur. As a result of this, effective risk management has the potential to reduce not only the likelihood that a risk will come to fruition, but also the potential repercussions that could ensue from its occurrence. Structures for the Management of Risk Structures designed for risk management are intended to do more than only point out the ...

Even if energy prices have fallen, investors believe that it is still a good time to buy oil stocks.

Bill Smead, chief investment officer at Smead Capital Management, believes that even if oil prices have dropped significantly from their recent highs, there is still a case to be made for investing in oil stocks. According to what he said on Thursday's episode of "Street Signs Asia" on CNBC, the reason for this is that it is quite possible that the price of energy will continue to be high or perhaps increase even further. He referred to the recent decline in crude oil prices as "the first substantial correction" in a bull market that began in the spring of 2020 following a price crash. This bull market began after prices had fallen significantly. According to Smead, "You have this enormous shift, you go from $20 a barrel to $120 and then you come back," and now people are saying things like "Oh yes, that's all over, that's going to fix the inflation right there." However, he said that there are a number of indicators that point to an...

Forex Mailer

Search This Blog