Oil & Gas News Review

China Oil Economical & Technological Research Institute predicts that the domestic natural gas output (including shale gas, coal-bed methane, and coal gas) in 2014 will be 132.5 billion cubic meters, and the natural gas to be imported shall be 60 billion cubic meters, with total supply reaching 192.5 billion cubic meters. However, the demands for natural gas in China shall be 206.1 billion cubic meters, short of 13.6 billion cubic meters.

An official from China Oil disclosed recently that the company plans to sell its shares in the oil and gas fields in Xinjiang to local investors. China Oil will sell two undeveloped oil and gas fields for the minimum in this year, and the relevant partners shall be confined to the companies supported by Xinjiang region government or Xinjiang Construction Corp. The joint-venture enterprises shall, after getting the oil and gas fields, pay tax to Xinjiang regional government rather than central government.

According to the statistics inside the circle, in recent three years, the capacity utilization rate for the local refineries in Shandong province was about 40%, which fell down to 30% recently. The personnel inside the circle believe that though the open-up of crude oil import right is approaching, given the factors like output utilization and market competition, the quota under the import right, after open-up, shall be behind the expectation.
On August 19th, under the joint witness of China President Xi Jinping and Uzbekistan President Karimov, China Oil and Uzbekistan State Oil Company executed the 《The Agreement Between Businesses for the Sino-Uzbekistan Natural Gas Pipeline D》and the《Mubarek Cooperation Memorandum for the National Gas Chemical Factory》. The two sides shall set up a joint-venture company and shall jointly build and operate the Sino-Uzbekistan Natural Gas Pipeline D》

On August 21, China Oil and Mongolian Petroleum Bureau executed the 《Memorandum of Understanding between China Oil Natural Gas Group Company and Mongolian Petroleum Bureau on Strengthening Cooperation in Petroleum Field>> and both sides shall further expand the cooperation in field of oil exploration and development.

Oil & Gas Data Analysis

Date	WTI	Brent	OPEC
2014-8-18	96.41	101.60	99.42
2014-8-19	94.48	101.56	98.93
2014-8-20	96.07	102.28	99.52
2014-8-21	93.96	102.63	99.03
2014-8-22	93.65	102.29	-

  World Crude Oil Price Table

Commodity	Original price of the beginning of the week (Yuan)	Price at the end of the week (Yuan)	Change
LPG	5912.06	5757.35	-2.62%
ULP	8718.50	8654.14	-0.74%
M15	7892.00	7875.00	-0.22%
Diesel Fuel	7627.06	7532.35	-1.24%
fuel oil	4330.00	4275.00	-1.27%
LNG	4438.46	4469.23	+0.69%

   Major energy commodity price(8.18-8.22) (Unit: Yuan)