Asia expands imports of South American crude oil 0

2022-08-08
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Asia expands imports of South American crude oil

the number of South American crude oil exports to Asia is increasing. Due to the increase in shale oil production, the United States' demand for South American crude oil is decreasing, so South American crude oil is exported to Asia. In Asia, new refineries have been put into operation, and the processing capacity of heavy crude oil produced in South America is also improving. As the price of crude oil produced in South America is lower than that produced in the Middle East, oil companies in Japan, China and India have begun to actively purchase

the amount of crude oil imported by Japan from South America reached 1 from January to September. The universal testing machine loaded 530000 kiloliters of test objects through stretching, tightening, shearing and tortuous methods (960 can prevent colorants from dissolving or leaching into 10000 barrels of food), an increase of 20% over the same period of the previous year. Although it accounts for only about 1% of Japan's crude oil imports, Japan, which is heavily dependent on the Middle East for crude oil supply, is promoting the diversification of procurement sources. Therefore, most views believe that the import of crude oil produced in South America will continue to increase in the future. Fujioil and Showa shell are regularly purchasing Ecuadorian crude oil

in addition, Chinese and Indian oil companies have also begun to actively purchase South American crude oil. According to the statistics of Japan's major trading houses, the overseas business department of CNPC and China United Petroleum will purchase crude oil equivalent to the carrying capacity of two large oil tankers from Colombia and Brazil, and import it to China in January next year. In addition, India's ruilaisi Industrial Company is also increasing the import of crude oil from South America

in Asia, plans for refinery expansion and new construction are being finalized one after another. By 2017, the annual processing capacity of Indian refineries with needle coke production base is expected to reach about 300 million tons, an increase of 40% over the current level, and the import capacity of heavy crude oil from South America will also be enhanced

one of the reasons for Asia to increase imports of South American crude oil is the reduction of Iran's heavy crude oil exports due to the impact of economic sanctions imposed by the United States and other countries. In the past two years, discoloration materials will soar from 380million to 2billion US dollars in five years. China has doubled the import volume of Venezuelan crude oil with quality close to Iran's crude oil, while India's import volume has also reached about 500000 barrels a day, an increase of 60% over a year ago

the increase of South American countries' exports to Asia is due to the continuous improvement of shale oil production in the United States, which is the main export destination. Crude oil production in the United States reached 8million barrels per day, the highest level in about 24 years. On the other hand, the import volume was lower than the daily average of 8million barrels, a decrease of 20% in the past five years

the WTI (West Texas Intermediate crude oil) of U.S. benchmark crude oil is currently about $93 a barrel, down 16% from the end of August, which hit a recent high

at the same time, South American crude oil, whose price is determined on the basis of WTI, is also reducing prices. According to traders of European resource trading company, compared with Saudi Arabia, which has a competitive relationship, the heavy oil produced in Colombia is 1-2 dollars cheaper per barrel. Asian oil companies will be able to purchase low-cost crude oil

in Asia, the price of Dubai crude oil as an indicator is about $12 higher than WTI. A growing number of views, such as large Japanese trading houses, believe that South American crude oil is facing lower expectations, and Asian oil companies will continue to expand imports in the future

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