China's refined oil exports record high crude oil demand remains challenging.

china Paint Network
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foreign media reported on Wednesday (December 9) that investors are only concerned about China's expansion of
ntcolor' #0000FF crude oil imports this year to increase strategic crude oil reserves, but ignored China's refined oil exports record high, which is a big profit for the global crude oil market.
's crude oil imports reached 6.65 million barrels per day in November, compared with 6.61 million barrels per day in the first 11 months, up 8.7 percent from a year earlier. On the other hand, China's refined oil exports recorded a record 4.1 million tons in November, the first time in history that the 4 million tons mark has been exceeded.
According to BP's conversion formula, which is about 8 barrels per ton of refined oil, China's refined oil exports averaged 1.09 million barrels per day in November, pushing the country's total refining exports to 31.83 million tonnes in the first 11 months of the year, up 18.6 per cent from a year earlier.
-related data show that China's refined oil exports have been on an upward trend since the middle of the year, with monthly exports exceeding 3 million tons since June, while the average monthly export volume from January to May this year was 2.34 million tons, indicating that the proportion of Chinese crude oil imports converted into refined refined products exports is increasing day by day, which may reduce the impact of China's crude oil imports on global demand for crude oil.
year, the Chinese government has continued to push ahead with energy reforms, allowing private companies to import crude oil and export refined oil independently through approved quotas.
If you deduct China's refined oil exports from 6.61 million barrels per day for the first 11 months of this year, China's actual crude oil imports are about 5.85 million barrels per day, compared with 5.46 million barrels per day in 2014, so the actual year-on-year increase is about 390,000 barrels per day." Market analysts pointed out that the adjusted data show that China's crude oil demand growth so far this year is only moderate, in response to the economic slowdown.
's diesel exports jumped 49 per cent year-on-year to 130,000 barrels a day in the first 10 months of the year, while aviation fuel exports jumped 14 per cent year-on-year to about 247,000 barrels a day, according to detailed data. In addition, China's gasoline exports in the first 10 months rose 8.75 per cent year-on-year to about 124,300 barrels per day. As China's refined oil exports continue to increase, competition in the Asian region will become more intense, resulting in a sharp drop in refined refining profits, which is bound to further depress oil prices.