In the fourth quarter, global economic growth stabilized, oil demand growth weakened, and international oil prices fell at high levels. Affected by this, the prices of refined oil products in the domestic market have also fallen back to high levels, coupled with the introduction of policies and measures to control exports and readjust imports. This has led to an increase in the growth rate of China's petroleum product resources, and the contradiction between tight supply and demand tends to be gentle. It is expected that with the increase in international market supply, weaker demand growth, and the tendency for prices to fall back in high volatility this winter and spring, the demand for domestic oil product markets will also show a weakening trend, and resource shortages will continue to ease. It will also be stable from the highs.
The growth of production has been affected by factors such as weakening demand growth and crude oil price fluctuations. In October, the growth rate of China’s crude oil production accelerated, but the increase in refined oil production declined. According to the National Bureau of Statistics, crude oil production in October was 15.45 million tons, a year-on-year increase of 5.1%, which was a higher increase and output since the beginning of the year; crude oil production from January to October was 151.07 million tons, an increase of 4.3% year-on-year, compared with last year. During the same period, the growth rate increased by 1.4 percentage points. The volume of crude oil processing completed 24.25 million tons in October, an increase of 6.1% from the same period of last year. From January to October, 23.718 million tons were completed, an increase of 7.2% year-on-year, 0.1 percentage points lower than the growth rate from January to September. Among the major refined oil products, gasoline produced 4.59 million tons in the current month, an increase of 2.6%, and cumulative production of 44.59 million tons, an increase of 3.7%; diesel production of 9.876 million tons that month, an increase of 10.8%, cumulative production of 91.37 million Tons, an increase of 9.7%; fuel oil production of 1.734 million tons that month, a decrease of 4.8%, cumulative production of 18.94 million tons, an increase of 10.1%; kerosene production of 758,000 tons this month, down 16.6% Accumulative production of 8.47 million tons, an increase of 6.5%. From January to October this year, the average growth rate of major refined oil production was 7.8%, a year-on-year decrease of 7.8 percentage points.
It is estimated that the annual crude oil production will reach 182 million tons, an increase of 4.3%; the crude oil processing volume will be 286 million tons, which will only grow by less than 5%. The output of major oil products: 53.7 million tons of gasoline, 110 million tons of diesel, 22.5 million tons of fuel oil, and 10 million tons of kerosene. 3%, diesel 8.2%, fuel oil 8%, and kerosene 3%.
Exports fell sharply In October, China's crude oil and refined oil exports fell sharply, while imports generally remained stable. According to the information provided by the State General Administration of Customs, crude oil exported only 350,000 tons in October, a reduction of 230,000 tons from the average of January to October; the monthly export of refined oil products was 560,000 tons, which was a year-on-year drop of 23.3%, and was 1 to 1 The average level in October decreased by approximately 650,000 tons. At the same time, crude oil imports have increased, and refined oil imports have continued to decline. Imports of crude oil in October reached 11.25 million tons, an increase of 21.2% year-on-year; imports of crude oil from January to October reached 10.521 million tons, an increase of 5.7% year-on-year, an increase of 1.7 percentage points from January to September. Refined oil imports 2.45 million tons in October, a year-on-year decrease of 8.9%; January-October imports 25.69 million tons, a year-on-year decrease of 15.8%, compared with an increase of 28.5% in the same period of last year.
In the coming two months of this year, the import and export volume will generally remain at the level of October due to various factors such as demand, price, and regulation. The annual crude oil import volume will reach 128 million tons and the refined oil import volume will reach 31 million tons. Compared with the previous year, crude oil will increase by 4.3%, refined oil will still drop by about 18%, and crude oil exports will reach 7 million. About tons, refined oil exports around 13.3 million tons, compared with the previous year, crude oil rose about 27.5%, refined oil growth of 16%.
The contradiction between supply and demand has slowed Down Under the influence of measures such as controlling exports and expanding crude oil production, the growth rate of China's petroleum resources has increased in October, and the contradiction between supply and demand in the market tends to be flat. According to relevant statistical data, China's crude oil resources increased by 26.7 million tons in October, an increase of 11.3% year-on-year, which contributed to a 4.9% year-on-year increase in new resources for crude oil from January to October. The growth rate increased from January to September. 0.8 percentage points. However, due to the decline in output growth and the decrease in imports, the growth rate of refined oil resources has declined. In October, 19.3 million tons of refined oil resources were newly added, a year-on-year increase of only 2.8%; the new resources of refined oil from January to October were 193.52 million tons, a year-on-year increase of 3.9%, which was a decrease from the growth rate of the same period of last year. Still up to 13.6%. Among the major refined oil products, from January to October, the newly added gasoline resources amounted to 44.59 million tons, an increase of 3.7%; the newly added diesel resources amounted to 91.71 million tons, an increase of 7.8%; the new fuel oil resources amounted to 40.69 million tons. A year-on-year decrease of 3.3%.
The price of high down According to China's logistics information center price monitoring survey data, the domestic refined oil market prices peaked in September, starting in October has been a slight drop in two consecutive months. The average price of oil and its products in the market fell by 0.88% in October from September and by another 0.41% in November. The average ton price of the market in the three months of September, October and November was 0874 yuan, 4801 yuan, and 4821 yuan respectively for the 0# diesel fuel, and 5715 yuan, 5667 yuan, and 5623 yuan for the 93# unleaded gasoline respectively. 3264 yuan, 3328 yuan, 3308 yuan.
It is estimated that at the end of the year, due to the increase of seasonal demand and the influence of climate, international market and other uncertain factors, the domestic petroleum product market price will still fluctuate at high levels, and generally there will not be a clear downward trend.
The growth of production has been affected by factors such as weakening demand growth and crude oil price fluctuations. In October, the growth rate of China’s crude oil production accelerated, but the increase in refined oil production declined. According to the National Bureau of Statistics, crude oil production in October was 15.45 million tons, a year-on-year increase of 5.1%, which was a higher increase and output since the beginning of the year; crude oil production from January to October was 151.07 million tons, an increase of 4.3% year-on-year, compared with last year. During the same period, the growth rate increased by 1.4 percentage points. The volume of crude oil processing completed 24.25 million tons in October, an increase of 6.1% from the same period of last year. From January to October, 23.718 million tons were completed, an increase of 7.2% year-on-year, 0.1 percentage points lower than the growth rate from January to September. Among the major refined oil products, gasoline produced 4.59 million tons in the current month, an increase of 2.6%, and cumulative production of 44.59 million tons, an increase of 3.7%; diesel production of 9.876 million tons that month, an increase of 10.8%, cumulative production of 91.37 million Tons, an increase of 9.7%; fuel oil production of 1.734 million tons that month, a decrease of 4.8%, cumulative production of 18.94 million tons, an increase of 10.1%; kerosene production of 758,000 tons this month, down 16.6% Accumulative production of 8.47 million tons, an increase of 6.5%. From January to October this year, the average growth rate of major refined oil production was 7.8%, a year-on-year decrease of 7.8 percentage points.
It is estimated that the annual crude oil production will reach 182 million tons, an increase of 4.3%; the crude oil processing volume will be 286 million tons, which will only grow by less than 5%. The output of major oil products: 53.7 million tons of gasoline, 110 million tons of diesel, 22.5 million tons of fuel oil, and 10 million tons of kerosene. 3%, diesel 8.2%, fuel oil 8%, and kerosene 3%.
Exports fell sharply In October, China's crude oil and refined oil exports fell sharply, while imports generally remained stable. According to the information provided by the State General Administration of Customs, crude oil exported only 350,000 tons in October, a reduction of 230,000 tons from the average of January to October; the monthly export of refined oil products was 560,000 tons, which was a year-on-year drop of 23.3%, and was 1 to 1 The average level in October decreased by approximately 650,000 tons. At the same time, crude oil imports have increased, and refined oil imports have continued to decline. Imports of crude oil in October reached 11.25 million tons, an increase of 21.2% year-on-year; imports of crude oil from January to October reached 10.521 million tons, an increase of 5.7% year-on-year, an increase of 1.7 percentage points from January to September. Refined oil imports 2.45 million tons in October, a year-on-year decrease of 8.9%; January-October imports 25.69 million tons, a year-on-year decrease of 15.8%, compared with an increase of 28.5% in the same period of last year.
In the coming two months of this year, the import and export volume will generally remain at the level of October due to various factors such as demand, price, and regulation. The annual crude oil import volume will reach 128 million tons and the refined oil import volume will reach 31 million tons. Compared with the previous year, crude oil will increase by 4.3%, refined oil will still drop by about 18%, and crude oil exports will reach 7 million. About tons, refined oil exports around 13.3 million tons, compared with the previous year, crude oil rose about 27.5%, refined oil growth of 16%.
The contradiction between supply and demand has slowed Down Under the influence of measures such as controlling exports and expanding crude oil production, the growth rate of China's petroleum resources has increased in October, and the contradiction between supply and demand in the market tends to be flat. According to relevant statistical data, China's crude oil resources increased by 26.7 million tons in October, an increase of 11.3% year-on-year, which contributed to a 4.9% year-on-year increase in new resources for crude oil from January to October. The growth rate increased from January to September. 0.8 percentage points. However, due to the decline in output growth and the decrease in imports, the growth rate of refined oil resources has declined. In October, 19.3 million tons of refined oil resources were newly added, a year-on-year increase of only 2.8%; the new resources of refined oil from January to October were 193.52 million tons, a year-on-year increase of 3.9%, which was a decrease from the growth rate of the same period of last year. Still up to 13.6%. Among the major refined oil products, from January to October, the newly added gasoline resources amounted to 44.59 million tons, an increase of 3.7%; the newly added diesel resources amounted to 91.71 million tons, an increase of 7.8%; the new fuel oil resources amounted to 40.69 million tons. A year-on-year decrease of 3.3%.
The price of high down According to China's logistics information center price monitoring survey data, the domestic refined oil market prices peaked in September, starting in October has been a slight drop in two consecutive months. The average price of oil and its products in the market fell by 0.88% in October from September and by another 0.41% in November. The average ton price of the market in the three months of September, October and November was 0874 yuan, 4801 yuan, and 4821 yuan respectively for the 0# diesel fuel, and 5715 yuan, 5667 yuan, and 5623 yuan for the 93# unleaded gasoline respectively. 3264 yuan, 3328 yuan, 3308 yuan.
It is estimated that at the end of the year, due to the increase of seasonal demand and the influence of climate, international market and other uncertain factors, the domestic petroleum product market price will still fluctuate at high levels, and generally there will not be a clear downward trend.
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