Category: Oil

Chinese oil giant CNOOC is reportedly preparing to halt its operations in Britain, Canada and the United States out of concern that its assets there could be subject to economic sanctions related to the Russian war in Ukraine, according to Reuters. The ...

A well-known Chinese Ministry of Commerce (MOFCOM) official in Beijing, Cheng Wang, dismissed the Wall Street Journal report that Saudi Arabia is considering the option of allowing China to purchase oil using yuan rather than U.S. dollars.

News that Chinese and Saudi Arabian officials are negotiating to use yuan instead of dollars to purchase oil sparked a surprisingly low-key reaction among political observers and market watchers. "While there has been some hyperventilating, the reaction is generally much less excited than it would ...

As U.S. and EU foreign policy increasingly disengages from the Middle East to focus on the crisis in Eastern Europe, China is building stronger relations with the powerful Gulf Cooperation Council (GCC.) In 2020, China replaced the EU as the biggest trading partner of the GCC (made ...

China's ambassador to Niger Jiang Feng met this week with President Mohamed Bazoum for talks about Monday's release of two Chinese gold miners who had been held captive for the past nine months and the new 1,950 km Niger-Benin pipeline that Chinese ...

A delegation of four foreign ministers from Persian Gulf countries began a landmark week-long visit to Beijing on Monday for extended talks on energy issues and, possibly, a free trade agreement. This is the ...

Charts listing China's top sources of imported oil used to look very different. In 2008, according to David Shinn from George Washington University, three suppliers from African dominated the top ten. At that stage Angola, the Republic of Congo, and Sudan ...

China's reaction, so far, to Monday's military coup in Sudan has been reserved, especially compared to the forceful response Beijing issued within 24 hours of last month's overthrow of President Alpha Condé's government in Guinea. But China's interests in Guinea and Sudan are very different and ...

The pre-dawn military coup in Sudan on Monday presents the latest challenge for China on how to respond to the toppling of governments in Africa where it has sizable economic and strategic interests. Normally, the Chinese Foreign Ministry tends to be ...

After a quiet past few months when oil prices slid from the once heady highs, Chinese refiners are showing signs of increased demand for Angolan crude. Traders in Asia and Europe told Reuters that Chinese buyers have been snapping up Angolan oil at higher premiums than in ...

China's crude oil imports from Africa fell sharply last month with demand expected to remain flat through the third quarter. Overall, shipments from African exporting countries fell 5.1% from June and but plummeted 41.5% compared to the same time last year. ...

China's major oil suppliers in Africa and the Middle East are bracing for a downturn in prices after Beijing ordered the country's largest refiner, Sinopec, to scale back operations. Sinopec will reportedly reduce refining of road and aviation fuels by up to 10% in response to the slowdown ...