China’s Unipec has agreed to lift about 100,000 barrels of crude oil per day from Libya under a term contract for 2012, set to raise China’s crude purchases from the North African exporter after supply disruptions last year.
China National Petroleum Corp said Tuesday that its subsidiary in Iraq produced 2.603 million mt (615,483 b/d) of crude oil in January, which was 122.6% of its output target, according to a company newsletter.
Brent crude prices edged higher on Tuesday on lift from the weaker dollar and better-than-expected data from China, Germany and the United States, but concerns about Europe’s economy after last week’s credit downgrades limited gains.
A Chinese firm hit by U.S. sanctions as Washington turns the screw on Iran’s nuclear program was founded in the mid-1990s by a hard-drinking trader from a military background who regales dinner companions with how he spent much of his youth in a mental…
China is likely to lift a total of up to 500,000 barrels per day of crude oil next year from Iraq, the fastest-growing oil producer in the Middle East, a volume nearly 50 percent more than this year, Chinese traders said.