Crude Oil Price, China Oil Imports: Your Daily Energy News

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Energy Market highlights gathered by Industrial Info and IIR Energy

CRUDE OIL
J.P. Morgan: Crude Oil Unlikely to Break $100 per Barrel This Year - Brent crude oil prices are unlikely to breach the $100-a-barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, J.P. Morgan analysts said in a note on Friday. OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, is unlikely to defend the $80 price floor and hence would not need to cut production quotas this year, according to the note. (Reuters)

PRODUCTION
U.S. Official: Russia's Oil Output Cut Signals Unsold Oil - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. "They cut back on production because they just couldn't sell it (the oil), not because they wanted to weaponize oil and refined products," Harris said in remarks at the Argus Americas Crude Summit. (Reuters)

CHINA
Analysts: China Expected to Import Record Amount of Oil in 2023 - China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts told Reuters. China's crude imports may rise between 500,000 and 1 million barrels per day (BBL/d) this year to as high as 11.8 million BBL/d, reversing the previous two years' decline to exceed 2020's record of 10.8 million BBL/d, according to analysts from four industry consultancies. (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).