Qiu Xiaofeng News
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China will let oil companies set fuel prices according to government-guided rates, the official Xinhua News Agency reported, citing a vice chairman at the nation’s top economic planner.
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Chinese state refiners are ramping up diesel imports starting this month to help meet increased demand that has depleted 2,000 retail fuel stations in the country’s eastern and southern provinces.
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China’s oil processing rose to a record last month after refiners increased production to ease a domestic fuel shortage.
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PetroChina Co., the nation’s largest oil company, rose the most in almost a month in Shanghai as global crude-oil price gains boosted speculation that China may raise domestic fuel costs, analysts said.
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China, the world’s second-biggest oil consumer, increased net crude-oil imports to a record in June as demand rose and costs fell.
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China Petroleum & Chemical Corp. , the nation’s largest oil refiner, will increase daily oil processing to a record this month in a bid to avert diesel shortages as farmers and factories burn more of the fuel.
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PetroChina Co . and China Petroleum & Chemical Corp. , the country’s biggest refiners, are bolstering diesel output as the country battles shortages that have left gas stations dry in the south and east.
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Mary Schapiro, the chairwoman of the U.S. Securities and Exchange Commission, and regulators from the U.S., Europe and Asia will meet in London to discuss high- frequency trading, said two people with knowledge of the discussions.
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Cnooc Ltd. , China’s biggest offshore oil producer, said first-half profit more than doubled, beating estimates, after a rebound in the nation’s economic growth spurred demand and helped drive a rally in crude prices.
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China Petrochemical Corp. , Asia’s biggest oil refiner, halted fuel exports to ensure domestic supply as high crude costs and retail price caps cause private refiners to cut back on production.
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