Oil: China loosens controls
China has loosened its control on crude oil import rights, which are owned by state-owned enterprises, including Sinopec, PetroChina and CNOOC.
It is reported that China may grant 300,000 metric tons of crude oil this year to private companies.
Xinjiang Guanghui Petroleum Co Ltd, a wholly owned subsidiary of Guanghui Energy, was granted an import quota of 200,000 metric tons of crude oil for 2014, becoming the first private company to obtain such a license in August.
“We will see how competitive of the price they could offer,” said Wang Weidong, general manager of Guanghui Energy’s logistic base in east China’s Jiangsu province.
Canada has the fourth largest proven oil reserves and is the fifth largest producer of oil in the world, producing more than 3 million barrels a day.
It is expected that additional Canadian oil reserves will become available, and that Canada may eventually surpass Saudi Arabia and Venezuela in having the largest oil reserves in the world.
Canada is also the world’s third largest producer of natural gas, with recoverable resources estimated at representing some 200 years of supple, including both conventional and unconventional gas.