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China January Oil Imports Rise To Record
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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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...
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!
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.
triadz 4 life, bitchez
How is the HKD, pegged to the USD, a non-fiat currency?
makes sense to get rid of those excess USD.
What % was paid for in something other than US FRNs?
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?
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.
shut the f*ck up, Walter.
Excuse me? Maam? The Supreme Court has ROUNDLY REJECTED PRIOR RESTRAINT!!!
I'm drinkin' my coffee!
Enjoying my coffee...
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).
Hello Mexico.
Iranian oil exports to China are DOWN in january. India was Iran's biggest customer according to PressTV...
See here: http://www.presstv.ir/detail/225692.html
Is PRESSTV.ir the equivalent of DEBKA?
Just saying...
Yes it's a mouthpiece of the Iranian gov.
But the US doesn't have an independent msm either...
So what IS a reliable news source, Francis?
@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...
From a theoretical point of view, the best way to "understand" how the media works is this
http://en.wikipedia.org/wiki/Constructivist_epistemology
Wow you just cited Iranian media
Got a CNN link instead, bubba?
Why should they deliberately underreport oil exports to China? Isn't in their own interest.
given everyone's chinese hardon, maybe their plan is to show is they dont completely depend on China for survival
food 5 thought
The point is... Anything of this nature (which includes MOST media ANYWHERE) is highly unlikely to be a reliable source...
hence my CNN comment ;)
the comment was directed at 'swiss', it happened to fall under yours...
dont flatter yourself
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?
Ok so then dont pay any attention to any of it then.
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...
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!
I'm lovin' it, baby. Whats the chances of 30000 solar-powered drones.
Pretty good, I know somone at Aberdeen working on just that.
I thought at Aberdeen they basically just like to play around with blowing shit up...
If so... UH OH!
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...
it'll be a saltwater lashed rustbucket in 15 years... Beyond repair...
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.
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...
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>
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!
Well this ought to make 'Timmeh' re-double his STRONG DOLLAR POLICY efforts... (/s>
Bullish for smog.
Or has China reverse-engineered Unleaded?
They import and store a lot of it.....for the future...commodities baby...fiat no way
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.
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.
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.
Sure about that? I'll raise you another three million lives.
Why only 3 million lives? If Iran is attacked, especially if China joins in, it's gonna be more than that.
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.
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.
Just because they are buying it doesn't mean they are using it.
This looks more like the Party is realizing that the world's CBs are still in "debasement mode" & they are trying to move a tiny sliver of their cash reserves into physical commodities.
They have massive storage capacity, not begun to be filled.
Santelli ripped Chilton a new one today on the CFCT's failure to act on MF Global. Rick even called the banks "Blueblood Firms".
Fuckin' A!
Hmm.
I knew China was not consuming crude oil that much but I didn't know they were stockpiling. The more they stockpile the low the crude price will drop at next financial crisis quite soon to occur.
This gets more interesting by the minute. Now we have Indonesia considering Barter with Iran. Whats that - no US Dollar you say? Banksters wont be happy. Time to sort those upstart Indonesians out befoee anyone else gets ideas. better yet - take out Iran first and no-one will be able to barter. Eat fiat - and bow down bitchez!!!
http://af.reuters.com/article/energyOilNews/idAFL4E8DA2MC20120210?sp=true
West is hoping to evaporate and vaporize those distillates in Iran
OT:
What has happened to Mike Pettis over there in Beijing?
http://www.mpettis.com
Showing "Account Suspended"
Wow. Thx for pointing it out.
I have lived in communism, buddy. I know what it is like. I was surprised they let him talk openly thus far.
Well... Time's a wastin...
Got this pesky thing of the 2012 elections in the way... Until then I'm afraid it might be all bailing wire and spit...
& for the record... I come down on the OPPOSITE side of what the banksters want (& all that implies)...
peak oil, bitchez!
Luckily we have rainicorn piss to mitigate that!
(Rainbow + Unicorn = Rainicorn)
Tyler, where in the heck are Chinas strategic crude reserves?
Good question.
Top secret. I've tried to find out from different internet resources, but nobody knows.
I suspect it's not big at all. They may be maxed out by now. Ready for the attack on Iran.
Underground...
~~~~~~
It's like the DJ that asks (with a Cheech Marin accent) the the caller in...
'Where u callin' from man'...
Caller: "From Anytown"
Cheech: 'No you not... You callin from the PHONE'
That was funny. +1
http://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_%28China%29
In 2007 China announced an expansion of their crude reserves into a two part system. Chinese reserves would consist of a government-controlled strategic reserve complemented by mandated commercial reserves.[1] The government-controlled reserves are being completed in three phases. Phase one consisted of a 101.9 million barrel reserve, mostly completed by the end of 2008. The second phase of the government-controlled reserves with an additional 170 million barrels will be completed by 2011.[2] Recently, Zhang Guobao the head of the National Energy Administration also stated that there will be a third phase that will expand reserves by 204 million barrels with the goal of increasing China's SPR to 90 days of supply by 2020.[3]
At the link there are the locations. They have about (right now) 136 million barrels of oil in reserves.
Interesting, mostly in coastal areas with the newer facilities going deeper inland.
ETA - Still about 500+ million barrels behind the US SPR.
Take this with a sack of salt.
Communism propaganda.
So you are saying they have MORE oil than they say?
When things get bad enough, hungry enough, do you know where your local area crude pipeline is ?
http://www.youtube.com/watch?v=jXeTw11fVpU&feature=player_embedded
Thats right, anyone who thinks China just sits by as deadbeat Western Debtors take over Chinas oil in Iran, theyre crazy.
Could they be stockpiling in anticipation of a military conflict?
War with China by 2013 at this rate.
Every panic last year was preceded by 8-10% drop in crude oil in one day. It happened twice in 2011 as far as I remember.
It's getting close.
perhaps China is buying up crude in anticipation of Iran getting whacked and Crude price going ballistic in response. Then they can turn around and sell crude to Japanese and Koreans for profit. Sure beats buying up US treasuries at near top of the market or heaven forbid the euro-trach Merkozy wants to dump on Chinese.
Anyone here think that they are stockpiling due to the inevitable Iran war.
...
Forgot to say...
USA, USA, USA
Interesting in that EIA said that Chinese consumption has been down the last three months. For the EIA to be right, that means China is stocking up on oil.
As for China importing more oil than the U.S., I hope that becomes the case. Given how cheap natural gas is here, we should be using that instead of oil for transportation. There is a good chance in five years we don't import any oil from the Middle East, only from countries in the Americas. Wouldn't that be nice?
But I wouldn't count on China sitting tight and just handing money to the Arabs. China has increased oil production from 4 mbpd to 4.4 mbpd in the last two years. And they have 50% more shale natural gas than we do: http://naturalgasforamerica.com/america-poised-worlds-energy-leader-vow-...
And they have been drilling: http://www.bloomberg.com/news/2012-01-11/cnooc-starts-its-first-shale-ga...
Quite frankly, I have been really pissed at the red tape this country has with regards to natural gas engines. You can convert a car from gasoline to natural gas for $1000 in Mexico and Brazil but it costs $10,000 here thanks to the EPA.
I bet China gets the number down to $500 or less and gets natural gas production ramped up even faster than we did. We have a natural gas glut a few years after shale driling really got going. I suspect China can get production going even faster. If they do, my guess is that they import LESS oil five years from now than today.
Pop Quiz:
1) Does the USA import or export NG on a net basis?
2) Current daily US NG production corresponds to how many bbls of oil on a BTU basis?
3) If there is a 100 year supply of NG (at current consumption rates), how long will is last if you increase usage at 3% annual rate? 5%?
4) One expects that peak production is reached once 1/2 of the resource is utilized....so when might you expect NG production to peak given a 3% growth rate?? 5%??
For reference NG production is growing currently at a 3.4% rate since 2008 or so...
-------
If you are really serious about understanding NG, I suggest these 2 recent articles
http://www.theoildrum.com/node/8914
http://www.theoildrum.com/node/8859
Oh FFS, I wish the Chinese would stop buying fucking oil and eating pizzas. It's making my outgoings go through the roof.
all ur crudez are belong to us