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    Home > Chemicals Industry > China Chemical > The growth trend of China's crude oil imports remains unchanged

    The growth trend of China's crude oil imports remains unchanged

    • Last Update: 2022-07-06
    • Source: Internet
    • Author: User
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      In the first seven months of this year, China's crude oil imports increased compared with the same period last year.
    Industry insiders predict that with the recovery of domestic market demand, China's crude oil imports will continue to increase.

      Customs statistics show that in July 2020, China imported 51.
    291 million tons of crude oil, with an import value of 101.
    65 billion yuan; from January to July, China's cumulative crude oil imports amounted to 32.
    038 million tons, an increase of 12.
    1% over the same period last year, with a cumulative import value of 743.
    1 billion.
    Yuan, a decrease of 21.
    3% over the same period last year.

      “In July, China’s crude oil imports fell by 3.
    55% month-on-month and increased by 24.
    99% year-on-year.
    This was mainly due to strong global economic data, the depreciation of the U.
    dollar, and signs of improved demand that boosted market optimism.
    International oil prices rose, but China’s domestic refined oil consumption capacity was relatively Weakness and narrowing of profit margins for refineries.
    Crude oil imports in July declined compared to June.
    " Longzhong Information analyst Liu Hongxiang said.

      Jinlianchuang crude oil analyst Han Zhengji believes that crude oil imports in July decreased slightly from June.
    On the one hand, as crude oil prices rebound from historical lows, crude oil imports will gradually decrease.
    On the other hand, it has been difficult for China's ports to unload and store all the crude oil purchased, so the oil storage tanks along the coast are now almost full, and the ports are still crowded.
    In order to alleviate this pressure, crude oil imports have been reduced.

      "The substantial increase in China's oil imports from January to July this year was largely driven by the domestic economy and consumption growth.
    " Han Zhengji said that in the first half of the year, due to the impact of the new crown pneumonia epidemic, the Chinese economy suffered a greater impact.
    But at present, the control of the epidemic has been relaxed, and the economy has entered a state of recovery.
    Data released by China Customs shows that foreign trade imports and exports in the first half of the year were better than expected.
    Both exports and imports achieved positive growth in June.
    It can be seen that the economy under the impact of the epidemic is slowly returning to the right track.
    In addition, due to the epidemic situation and the impact of OPEC's previous price wars, crude oil prices plummeted during the first half of this year, which provided favorable conditions for crude oil imports and promoted the increase in China's crude oil imports.

      "China's imported crude oil prices fell significantly from January to July compared with the same period, mainly due to the fragile demand recovery.
    The global epidemic caused the largest oil demand plunge in history.
    While the demand outlook is still gloomy, international oil prices are still under pressure.
    " Liu Hongxiang said.

      Han Zhengji believes that crude oil futures prices rebounded after May, and crude oil spot prices also rose.
    Among them, the spot FOB price of Brent crude oil on July 31 was US$43.
    13/barrel, up 3.
    6% from US$41.
    64/barrel on June 30.

      What is the future trend of China's crude oil imports? Han Zhengji said: "With the further recovery of the domestic economy in the second half of the year, downstream demand will rebound.
    However, due to the large increase in crude oil imports during the previous low oil price period, there may be a certain decrease in the future.
    But in the long run, as the economy recovers , China’s domestic demand will further recover, and imports will continue to increase.

      It is worth noting that changes in the international trade situation have a more obvious impact on crude oil imports.
    "In the third quarter, due to the impact of high oil prices and low profits, refineries failed to present the optimistic expectations of the previous'golden nine silver ten'.
    On the whole, crude oil imports are expected to continue the downward trend in the fourth quarter, which is mainly determined by the previous crude oil quota.
    Consumption and refinery profit margins.
    ” Liu Hongxiang said.
    (Liu Yelin)

    Transfer from: International Business Daily

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