Asia/Pacific
In latest sign of crude glut, ageing supertankers used to store unsold oil
SINGAPORE (Reuters) — Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices.
India's 2017 diesel imports may rise to highest since at least 2011
SINGAPORE (Reuters) — India's diesel imports this year may rise to the highest since at least 2011 as refiners shut down to upgrade their units to meet new fuel standards and as warmer temperatures spur demand, said five industry sources.
Chinese traders ship jet fuel from Singapore to Europe
SINGAPORE (Reuters) — Chinese traders are shipping jet fuel from Singapore to Europe even as domestic demand in China is set to strengthen during summer season air travel, industry sources said.
S.Korea's May Iranian crude oil imports fall to 8-mth low
SEOUL (Reuters) — South Korea's Iranian crude oil imports dropped in May to their lowest in eight months as refiners bought less of the Middle Eastern nation's condensate, while Tehran struggled to maintain shipment volumes after exhausting stocks stored on tankers.
India's oil imports from Iran plunge over gas field row
NEW DELHI (Reuters) — India's oil imports from Iran have fallen to their lowest since June 2016, shipping data shows, in possible retaliation for Tehran not awarding a gas field development to Indian companies.
Malaysia's Petronas set to auction Kimanis crude on Dubai exchange
SINGAPORE (Reuters) — Malaysia's Petronas is set to auction one of its crude grades on the Dubai Mercantile Exchange, according to sources familiar with the matter, making the state-owned company the first to sell a non-Middle East oil on the trading platform.
China's May oil output lowest on record; refiners churn out more
BEIJING (Reuters) — China's crude oil production fell to its lowest on record in May, even as refineries in the world's top buyer of crude churned out product at their fastest pace in nearly two years, data showed on Wednesday.
IHS Markit: Methanol demand growth driven by methanol-to-olefins, China demand
HOUSTON — Methanol, a basic chemical used to produce fuels and other traditional chemicals, is increasingly used in China to produce olefins in a process called methanol-to-olefins (MTO). By 2021, nearly one in five tons of global methanol production will be utilized for MTO production to satisfy expanding Chinese chemical demand, according to new analysis from IHS Markit.
Traders keep oil in Asian storage for later sale, undermine OPEC supply cuts
SINGAPORE (Reuters) — A 10% decline in oil prices since late May could push traders to keep crude in storage, looking to sell down the line when forward prices are higher.
China issues third set of fuel export quotas under processing scheme
BEIJING/SINGAPORE (Reuters) — China has issued 9.06 MMt of refined fuel export quotas under so-called processing trade terms in its third batch of quotas, two trading sources with knowledge of the matter said on Tuesday.
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