China Daily Oil Summary: Russia Extends Crude Supply Deal to China

The Russian government has approved a draft protocol to extend a deal, that is set to expire in 2024, by another ten years to supply crude from Russia to oil refineries in western China according to Interfax.

• The deal is an extension to a protocol from March 2013, from when Russia’s Rosneft signed a long-term contract to 2038 with China’s National Petroleum Corporation to supply a total of 360mn tons of oil.
• Russian President Putin has wrapped up his two-day visit to China Thursday, praising “unprecedented” energy ties between the nations but little in the way of major new developments. "One of the key areas of this relationship is energy cooperation, which is becoming increasingly active," Putin said.
• China has not ruled out a small round of refilling for its strategic petroleum reserves because of the escalating geopolitical risks in the Middle East, Energy Aspects wrote in a note.
• CDU capacity utilisation rates among China's independent refineries averaged 69.81% in the week to Oct. 19, according to OilChem.
• YUAN: The currency weakened to 7.3153 to the dollar from 7.3099 on Wednesday.
• China’s implementation of stable macro-economic policy throughout the year has created a solid foundation for a continued recovery in Q4, according to Yao Jingyuan, a special researcher at the State Council and former chief economist at the National Bureau of Statistics.
• Representatives from 35 countries signed up to the Digital Economy and Green Development Economic and Trade Cooperation Framework during the Belt and Road Forum in Beijing, according to Securities Daily.