• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

China January Oil Imports Rise To Record

Tyler Durden's picture




 

Say what you will about the tenets of Chinese economic slowdown assumptions and what not (despite inflation obviously continuing to be a rather pesky issue), at least its steadfast determination to have the world's largest crude oil stockpile is an ethos. At 23.4k metric tons of imports in January, China just imported the most crude in its history, despite the traditionally slow period around the Chinese new year. The trendline is unmissable - at this rate China will become the world's largest importer of Crude in a few short years, surpassing the US easily with its 28K metric tons of imports in a couple of years. Oh, and anyone who thinks that China will volunteer to lose Iran as a primary source of crude imports as its oil is "liberated" by Western powers as the country is obviously en route to having the world's largest crude stockpile (as to why this may be the case, read here), we have a bridge to Isfahan to sell you.

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Fri, 02/10/2012 - 09:48 | 2145388 battle axe
battle axe's picture

And we are about to hit one of the countries that they import the most from. That should make them really happy....So much for the Treas market...

Fri, 02/10/2012 - 10:25 | 2145551 WhiteNight123129
WhiteNight123129's picture

China can dump Treasuries and at teh same time issue international traded Yuan bond to plug the hole. As simple as that, If I were part of the US authority or 100%, I would consider trying to find ways to buy Yuan (there are) as a diversification. Just because we have been used to be forced to use only one type of currency (fiat), does not mean that those can not co-exist. In Hong-Kong you can save in paper non fiat (HKD) and paper fiat (all the rest) and also in Gold if you trust the counterparty. No one forces contract to be settled in one unique currency in Hong-Kong. This is the true capitalist survivor paradise of no central bank and no  lender of last ressource, Hong Kong rocks!

 

Fri, 02/10/2012 - 11:04 | 2145742 battle axe
battle axe's picture

Hong-Kong rocks as long as the Party allows it to rock, if they change their mind, not so much Rock'n and a Roll'n.

Fri, 02/10/2012 - 11:36 | 2145865 ParkAveFlasher
ParkAveFlasher's picture

triadz 4 life, bitchez

Fri, 02/10/2012 - 11:37 | 2145879 Non Passaran
Non Passaran's picture

How is the HKD, pegged to the USD, a non-fiat currency?

Fri, 02/10/2012 - 11:47 | 2145925 Archduke
Archduke's picture

makes sense to get rid of those excess USD.

Fri, 02/10/2012 - 09:49 | 2145392 mayhem_korner
mayhem_korner's picture

 

 

What % was paid for in something other than US FRNs?

Fri, 02/10/2012 - 10:07 | 2145464 He_Who Carried ...
He_Who Carried The Sun's picture

Well, well - what do we have here now and who beat the drum lately about a China-hard-landing which was supposed to be incredible bullish for PMs?

Hmmm?

Of course, I forgot, China is just buying Oil because her industrial production and overall economy is slowing down soo hard, they urgently need to grease it, right? Right?

Fri, 02/10/2012 - 09:52 | 2145396 lolmao500
lolmao500's picture

That's because they are making reserves for an Iran war. Also... Nihilists! Fuck me. I mean, say what you like about the tenets of National Socialism, Dude, at least it's an ethos.

Fri, 02/10/2012 - 10:02 | 2145445 High_Pockets
High_Pockets's picture

shut the f*ck up, Walter.

Fri, 02/10/2012 - 10:18 | 2145509 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Excuse me?  Maam?  The Supreme Court has ROUNDLY REJECTED PRIOR RESTRAINT!!!

 

I'm drinkin' my coffee!

 

Enjoying my coffee...

Fri, 02/10/2012 - 12:17 | 2146035 Ragnar24
Ragnar24's picture

Agreed. The caveat though is that China has to put its worthless dollars somewhere now that it isn't financing US deficits anymore. I'd say they're just killing two birds with one stone by stockpiling war matériel and hedging against dollar debasement by acquiring hard assets (with this particular asset conveniently better at mobilizing tanks and rockets than the yellow metal).

Fri, 02/10/2012 - 09:49 | 2145397 Stoploss
Stoploss's picture

Hello Mexico.

Fri, 02/10/2012 - 09:50 | 2145403 swissaustrian
swissaustrian's picture

Iranian oil exports to China are DOWN in january. India was Iran's biggest customer according to PressTV...

Fri, 02/10/2012 - 09:51 | 2145408 swissaustrian
Fri, 02/10/2012 - 09:54 | 2145415 francis_sawyer
francis_sawyer's picture

Is PRESSTV.ir the equivalent of DEBKA?

Just saying...

Fri, 02/10/2012 - 10:03 | 2145447 swissaustrian
swissaustrian's picture

Yes it's a mouthpiece of the Iranian gov.

But the US doesn't have an independent msm either...

Fri, 02/10/2012 - 10:39 | 2145624 SheepDog-One
SheepDog-One's picture

So what IS a reliable news source, Francis?

Fri, 02/10/2012 - 11:15 | 2145777 francis_sawyer
francis_sawyer's picture

@SD1

Valid question... And my BEST answer is 'Probably NONE'...

Consider that Reuters is a Rothschild rag, & they own AP & there are only 6 major news outlets...

I don't fucking trust ANY of them...

Fri, 02/10/2012 - 11:22 | 2145805 swissaustrian
swissaustrian's picture

From a theoretical point of view, the best way to "understand" how the media works is this

http://en.wikipedia.org/wiki/Constructivist_epistemology

Fri, 02/10/2012 - 09:54 | 2145418 niktamere
niktamere's picture

Wow you just cited Iranian media

Got a CNN link instead, bubba?

Fri, 02/10/2012 - 10:01 | 2145441 swissaustrian
swissaustrian's picture

Why should they deliberately underreport oil exports to China? Isn't in their own interest.

Fri, 02/10/2012 - 10:04 | 2145451 niktamere
niktamere's picture

given everyone's chinese hardon, maybe their plan is to show is they dont completely depend on China for survival

food 5 thought

Fri, 02/10/2012 - 10:04 | 2145455 francis_sawyer
francis_sawyer's picture

The point is... Anything of this nature (which includes MOST media ANYWHERE) is highly unlikely to be a reliable source...

Fri, 02/10/2012 - 10:07 | 2145463 niktamere
niktamere's picture

hence my CNN comment ;)

Fri, 02/10/2012 - 10:35 | 2145597 francis_sawyer
francis_sawyer's picture

the comment was directed at 'swiss', it happened to fall under yours...

Fri, 02/10/2012 - 10:41 | 2145631 niktamere
niktamere's picture

dont flatter yourself

Fri, 02/10/2012 - 11:12 | 2145762 francis_sawyer
francis_sawyer's picture

WTF is your problem???

I was responding to 'swiss'(not you)... Look at the timestamps of the comments... both 9:04... Your comment wasn't even published yet... So I simply replied to inform you of that... End of story (or so it seemed)...

Did u wake up on the wrong side of bed this morning?

Fri, 02/10/2012 - 10:40 | 2145628 SheepDog-One
SheepDog-One's picture

Ok so then dont pay any attention to any of it then.

Fri, 02/10/2012 - 11:21 | 2145795 francis_sawyer
francis_sawyer's picture

That's too simplistic...

I didn't say the NEWS was wrong... I'm referring to the fact that you have to sift thru what's reported and allow it to pass the smell test...

- Some news is probably factual

- Some is slanted & biased

- Some is probably patently false

It doesn't mean that you should dismiss everything... Just because a person folds a pokert hand, doesn't mean that the hand is finished... You still need to pay attention to see who is lying & who isn't...

It shouldn't be too hard to understand the logic in that...

Fri, 02/10/2012 - 09:50 | 2145404 Flakmeister
Flakmeister's picture

At current rates, available net exports will vanish in about 10 years or so...

Available net exports are defined as Global Net Exports minus the share taken by Chindia...

Ain't peak oil a blast!

Fri, 02/10/2012 - 09:52 | 2145413 cossack55
cossack55's picture

I'm lovin' it, baby.  Whats the chances of 30000 solar-powered drones.

Fri, 02/10/2012 - 10:01 | 2145440 LawsofPhysics
LawsofPhysics's picture

Pretty good, I know somone at Aberdeen working on just that.

Fri, 02/10/2012 - 10:06 | 2145459 francis_sawyer
francis_sawyer's picture

I thought at Aberdeen they basically just like to play around with blowing shit up...

If so... UH OH!

Fri, 02/10/2012 - 10:18 | 2145513 falak pema
falak pema's picture

Brits have just launched their 360 MW wind farm in Irish sea. 

http://en.wikipedia.org/wiki/List_of_offshore_wind_farms_in_the_Irish_Sea

and now this  just been commissioned:

http://www.marinelog.com/index.php?option=com_content&view=article&id=97...

Fri, 02/10/2012 - 10:36 | 2145605 francis_sawyer
francis_sawyer's picture

it'll be a saltwater lashed rustbucket in 15 years... Beyond repair...

Fri, 02/10/2012 - 11:15 | 2145776 falak pema
falak pema's picture

Much easier to refurbish than a nuclear plant or refinery; if the pay out is good, its not a problem. These units are easy to dismantle. The key is grid price parity to evaluate pay out. And if oil stays up...and Chindia devours all...we'll need alternative back ups in energy hungry, resource deficient Euroland; like the Chinese need women for their one child population which is male dominated. They say we will reach grid price parity for both solar and wind in five to ten years. Its the experience-volume curve.

Step change does have a price to it. So does energy independence in increasingly dangerous and divided world. We are heading there fast. 

Fri, 02/10/2012 - 11:25 | 2145823 francis_sawyer
francis_sawyer's picture

Yeah...

Go tell it to the operators of San Gorgonio pass (A PERFECTLY ARID LOCATION) & Altamont Pass...

Look ~ I'm not against small scale invidivual wind harvesting, but these WIND FARM operations are for the birds... Or ~ AGAINST the birds (migratory) as the case may be...

Fri, 02/10/2012 - 10:00 | 2145437 Flakmeister
Flakmeister's picture

I have to claim a mea culpa.... I spoke too quickly and incorrectly... available net exports will be cut in 1/2 in ~10 years.

-----

So everybody can just sit back and relax... it was a false alarm.... 

</sarc>

Fri, 02/10/2012 - 10:05 | 2145454 falak pema
falak pema's picture

Oh the good life when we had one wife and many cars; now we will share the cars and flog the wife to earn her life, and if lucky, ours as well. I'm all for female emancipation of third type : she's free but she pays for me! 

Man, I think I'm ripe to join Madoff in Sing-Sing, where we know whats what; not like here in this free world where we can't tell deal on from deal off! 

Fri, 02/10/2012 - 09:52 | 2145412 francis_sawyer
francis_sawyer's picture

Well this ought to make 'Timmeh' re-double his STRONG DOLLAR POLICY efforts... (/s>

Fri, 02/10/2012 - 09:55 | 2145420 Schmuck Raker
Schmuck Raker's picture

Bullish for smog.

Or has China reverse-engineered Unleaded?

Fri, 02/10/2012 - 09:55 | 2145421 youngman
youngman's picture

They import and store a lot of it.....for the future...commodities baby...fiat no way

Fri, 02/10/2012 - 09:56 | 2145425 lolmao500
lolmao500's picture

Oh, and anyone who thinks that China will volunteer to lose Iran as a primary source of crude imports as its oil is "liberated" by Western powers as the country is obviously en route to having the world's largest crude stockpile (as to why this may be the case, read here), we have a bridge to Isfahan to sell you.

And what they gonna do about it??? The only thing they will do is arm the resistance in Iran through Pakistan and only that. Then the US will continue their drone strikes on Pakistan.

Fri, 02/10/2012 - 10:04 | 2145456 mc_LDN
mc_LDN's picture

Errr hardly. The Pakistand defence minister was on record as saying if the US dare attack Iran all bets are off. Remember they have nukes sunshine.

Fri, 02/10/2012 - 10:44 | 2145647 lolmao500
lolmao500's picture

Yeah right. The source of that was a ``european politician in Pakistan``... probably some pissed off general saying that off the record to an ambassador. It's total bunk.

Fri, 02/10/2012 - 10:06 | 2145460 deKevelioc
deKevelioc's picture

Sure about that?  I'll raise you another three million lives.

Fri, 02/10/2012 - 10:44 | 2145651 lolmao500
lolmao500's picture

Why only 3 million lives? If Iran is attacked, especially if China joins in, it's gonna be more than that.

Fri, 02/10/2012 - 10:02 | 2145448 mc_LDN
mc_LDN's picture

So we have China stockpiling Oil and Rare Earths and we have the Banksters (sorry - USA) stockpiling Industrial Metals in Warehouses.

Hmmmm.

Sounds like we have two sides battening down the hatches for something ahead. If one was to run a war what would that war machine require?

This one has disaster written all over it.

 

Fri, 02/10/2012 - 10:39 | 2145625 BeerBrewer09
BeerBrewer09's picture

China is stockpiling everything and is even purchasing mineral rights all over the world. They understand commodities and what it will do for them in the near future.

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