Russian-Chinese oil pipeline starts operating

05/01/2011 15:00 Oil Market


A crude oil pipeline between Russia and China is now in operation which will help Russia in diversifying its oil clients more towards the east and will overturn decades of Russian dependence on European markets. The project costs $25bn and was partially financed by Chinese loans.

The pipeline which starts in Siberia and ends at Daqing in northeast China is expected to export 15 million metric tons of crude from Russia to China a year until 2030, according to Chinese state media. To date, Russian oil had been exported to China by rail and it is expected that the new pipeline will allow a rapid increase in oil exports between the two nations. The second phase in the pipeline’s construction will be completed by 2014 and consists in extending the pipeline length to around 4700km.

Daily (24.02.2021): Oil prices stable after record highs, but general bullish sentiment is surrounding the market

24/02/2021 09:21:00

Crude oil prices diverged on Tuesday, but ended rather flat after hitting fresh 2021 highs amid a lack of major events to impact the oil sellers. Hence, Brent crude added 0.2% to settle at $65.37 a barrel, buoyed by signs that global coronavirus restrictions were being eased. Meanwhile, U.S. WTI crude steadied at $61.67 a barrel amid uncertainty about the return of Texas crude production and concerns about the pace of a U.S. economic recovery.


Oil products caught between Covid and green push

24/02/2021 08:51:00

Most forecasts for products demand and prices have been steadily revised upwards as vaccination programmes have got underway and this has created positive market sentiment, Argus' global head of oil products Stephen Jones told the forum held today during the IP Week conference. But, any actual demand recovery will depend on how quickly governments lift lockdown measures. One major unknown is how well the vaccines will deal with new variants of Covid-19.


EU says it does not need Nord Stream 2, but only Germany can block it

24/02/2021 08:42:00

The European Union does not need the Nord Stream 2 pipeline for its energy security but any decision to stop the project carrying Russian natural gas to Germany would have to come from Berlin, a senior European Commission official said on Tuesday.