China Buys Record Russia Crude as Putin Seeks to Avoid Recession

[cirr]

Ohh
Thread wars I see.
Lets see how long China will buy oil at artificially high prices to help its 'old and trusted strategic partner'.

Artificially inflated prices？

No，no。90 dollars was about market price for last month，hence the 88.8 USD paid for Saudi oils。

You think Indian imports were priced those low 60s？

No，no。

That's not how things work in the oil market。

Go and find out how much India paid for its oil imports last month and you will be rudely surprised。

 

[Chinese-Dragon]

China and Russia are logical, equal partners and independent-minded nations will have a valuable lesson from this entire Russia-sanctions saga: That they can trust China that it will not back stab or exploit them in their crisis and come to assist sincerely -- and within its reasonable capability.

And I believe China's offer of assistance to Russia is both sincere and genuine.

Considering our vast economic resources, we have no need to squeeze profits in the short-term.

The long-term "good will" of Russia will be more than worth it, not just economically (the benefits of which will be enormous in the long-term), but strategically as well. Considering how important they are to us.

@vostok, @senheiser

Any and all further cooperation with Russia will be strongly welcomed, I look forward to Putin's next meeting with Xi Jinping.

 

[Hindustani78]

You mean to say, China is not helping Russia at all?
Dragon. What the hell

Russia and China are working to make SCO more stronger and with the new Silk Route train Chinese are moving more deeper in European countries economies similar like how the Chinese companies moved in United States.

 

[Hindustani78]

You mean to say, China is not helping Russia at all?
Dragon. What the hell

TASS: Russia - Russia, China notably step up military ties 2014 — Defense Ministry
December 24 2014
“Russian Defense Minister Sergey Shoigu’s visit to Beijing played a key role in this sense. The importance of joint staff exercises on land and on the high seas was noted. Decisions were made to enhance cooperation in military medicine, personnel training and the military-technical sphere,” Antonov recalled.

Beijing, he said, has developed greater awareness of the harmful effects of the US missile defense system on security in the region. “This expands room for our interaction, including that in the international scene,” he remarked.

 

[truthseeker2010]

so does this mean that China is switching from Saudi Arabia to Russia as the main oil supplier?

 

[Beast]

so does this mean that China is switching from Saudi Arabia to Russia as the main oil supplier?

No, who offer the lowest price and we will buy from them

 

[Providence]

Technically it is possible for China to even purchase oil at higher prices. China ofc will be compensated with a cheaper oil when price shoots up.

For a conventional energy source like petroleum, low prices are but an outlier in the long run.

 

[Hindustani78]

so does this mean that China is switching from Saudi Arabia to Russia as the main oil supplier?

Russian Federation has offered China and India for joint drilling ventures in Arctic region. Chinese will get oil from all the suppliers .

 

[truthseeker2010]

No, who offer the lowest price and we will buy from them

isn't the price of oil uniform throughout the world.....

Russian Federation has offered China and India for joint drilling ventures in Arctic region. Chinese will get oil from all the suppliers .

i meant to say the largest supplier of oil to china......

 

[Hindustani78]

i meant to say the largest supplier of oil to china......

Saudi Arabia, Angola, Russia, Oman, Iraq, Iran and Libya

So far this year, the Middle East has accounted for 52.2% of China's crude imports, up from 51.7% over January to November last year, while the share of African crudes has eased slightly to 22% from 22.7% previously. Latin America accounted for 10.7% of China's total crude imports this year, rising from 9.6% previously.

Saudi Arabia fell 5.9% to 3.99 million mt, detailed data from China's General Administration of Customs

Angolan volumes to China were up 2.3% over the period to 3.68 million mt while Russia is now China's third-largest supplier of crude, moving up from fourth position in 2013.

Russian imports to China hit a monthly record high of 3.31 million mt in November, surging 65.5% year on year and 20.3% month on month.

Iraqi crude cargoes to China jumped 20.6% year on year and 34.3% month on month to 2.63 million mt, although shipments from Iran eased 3.9% year on year to 2.13 million mt.

Cargoes from Oman also slumped 9.4% year on year to 2.07 million mt although imports from the UAE soared 31.3% to 1.2 million mt.

 

[Kaniska]

Its a good deal..Why only China, whoever gets a good deal, they will purchase it...I think it is time Russia China India pipeline should be constructed to get oil and gas from Russia...

Oil prices are not gonna touch the $100 mark for atleast 3-4 years.Let's see if Russia can last this long without going into a economic slump.Also Chinese companies are slowly moving towards a domestic shale exploitation model.So Russia can't rely on them to keep them afloat.

No....Oil is going to be with a range of 40-55 for quite some time now...The reason is combination of resurgence of alternate energy, Shale energy and politics...Oil companies do not want any good investment to happen with Shale or alternate energy..They would like to keep the Oil as the cheaper energy than the other form of energy..Otherwise, US,China and some other nations has huge shale energy reserve and in specific US has already developed technology to extract it...It is just the matter of some decades where Shale will replace Oil...

 

[Hindustani78]

China denies being 'underdog' in oil deal with Russia - watch on - uatoday.tv


China, Russia oil trade cooperation "mutually beneficial," says FM spokeswoman - Xinhua | English.news.cn

"China and Russia have conducted smooth cooperation on long-term oil trade in recent years," said Foreign Ministry spokeswoman Hua Chunying at a daily press briefing. "The cooperation is mutually beneficial and based on the joint efforts of the two governments and relevant enterprises."

"According to the deal signed by both sides, the formula of crude oil trade price between China and Russia is linked and fluctuated with global oil price," Hua said.

 

[AgentOrange]

And I believe China's offer of assistance to Russia is both sincere and genuine.

Considering our vast economic resources, we have no need to squeeze profits in the short-term.

The long-term "good will" of Russia will be more than worth it, not just economically (the benefits of which will be enormous in the long-term), but strategically as well. Considering how important they are to us.

@vostok, @senheiser

Any and all further cooperation with Russia will be strongly welcomed, I look forward to Putin's next meeting with Xi Jinping.

Well said my friend. People don't seem to get it. Long term goodwill with Russia is very important for China. Why on earth would China want to screw over Russia for fleeting short term gains when China shares such a long border with Russia? It's not as if China is particularly cash starved at the moment.

Neither country is going anywhere. Even a simpleton, in theory, should be able to see that there's rarely too high a price to pay for good relations with a large neighbor. When China is surrounded by hostile and potentially hostile neighbors, it makes absolute sense and is a strategic priority to secure China's northern borders. By treating Russia equitably and with respect and *not* taking advantage of her when she's down, China is doing just that.

 

[idune]

LOL or rather looool
@mike2000 help this guy out

$,21,870,000,000 per month eh (@$30 excess @810000 barrels a day). Pretty costly investment I would say.

EDIT: Actually only $729,000,000. Not so costly investment. In fact not an investment at all really

One need to ask, how much US treasury bond with no asset backup just bubble worth? Compare to worthless US treasury bubble, real oil much more valuable.

 

[Hindustani78]

TASS: Economy - China to launch yuan-ruble swaps from Dec 29

December 26, 15:08 UTC+3
China is also launching trading in contracts with the Malaysian ringgit and the New Zealand dollar

MOSCOW, December 26. /TASS/. China is launching trading in forward contracts and swaps between the yuan and three more currencies, including the Russian ruble, from December 29, the China Foreign Exchange Trade System managed by the People’s Bank of China reported on Friday.

Starting from this date, China is also launching trading in contracts with the Malaysian ringgit and the New Zealand dollar.

With the launch of trading in the ruble, the ringgit and the New Zealand dollar, yuan swaps on the interbank foreign exchange market will be available for 11 currencies.

“This will provide companies with better hedging tools, and at the same time, make currency trading more efficient,” Bloomberg news agency quoted HSBC’s strategist in Hong Kong Ju Wang as saying.

“China won’t stop yuan globalization” despite volatility in emerging market currencies, the strategist said.


http://www.b92.net/eng/news/business.php?yyyy=2014&mm=12&dd=26&nav_id=92688
December 26, 2014 | 09:24
Serbia Central bank introduces yuan to domestic forex market
Source: Tanjug
BELGRADE -- The National Bank of Serbia (NBS) has included the Chinese yuan in the list of foreign currencies that could be traded on the foreign exchange (forex) market.