At present, the development trend of China's oil refining industry is stable, and the late large refining unit continues to increase on total domestic refining capacity will continue to expand, further increases in oil market resources supply, but the domestic market demand increases is limited, the contradiction between resource supply to ease. In addition, domestic oil product upgrades pace to push, high quality gasoline and diesel production proportion continues to increase, and the product quality level is more apparent, can better adapt to the countries at the level of market demand, product exports are more likely to open up an outlet. As a result, exports of refined oil products will remain at high levels under the pressure of domestic market oversupply, but later trade will be diversified.
In April 2017, the total export of refined oil products reached 3.5m tonnes, and the total export of refined oil from January to April was 15.44 million tons, a year-on-year increase of 15%. In 2017, the export growth of refined products is still strong. Products, specific points in the first quarter of 2017, exports of 2.49653 million tons, gasoline rose 34.14%, diesel exports of 4.20115 million tons, up 51.6% year-on-year, jet fuel exports of 3.0831 million tons, down 24.82% year-on-year. Since the first quarter of 2016 our country product oil export strength not completely released, overall exports in the year low, therefore, in the first quarter of 2017 oil exports year-on-year relatively obvious, the actual output is far lower than other period last year. Given the current situation of supply and demand in the domestic market, the export of refined oil products should not be relaxed. The gap between supply and demand in the domestic product oil market has widened further, reaching 856.42 million tons, up 29.50 percent year on year, and the domestic supply and demand contradictions are becoming increasingly acute. Specific terms, as of the end of 2016, a domestic refinery plant capacity has reached 837 million tons, 4.12% year-on-year, while 2017 are expected to be close to 40 million tons of new capacity put into production, domestic refining capacity continues to expand, refined oil supply will rise. But at present, the domestic economy is still at a low speed, and the support for rigid demand in the oil market is limited.
In terms of supply and demand, it is necessary to increase exports, but from the policy direction of 2017, the country is tightening its export policy towards refined products. First, the country has not yet refined the export quota of refined petroleum products to the ground, and the road of resource exports has been cut off. Although the export resources of the local refinery are relatively limited in 2016, the export of the smelter has a certain effect on the external flow of resources. Secondly, this year, domestic main refinery reduced sharply down on the number of the quota, the first two batch processing trade export quotas totaling 15.735 million tons, plummeted 55.7%, although there are a number of general trade quotas, but with the same period in 2016 lower strength still have very big difference. Considering the oil refining industry is high energy consumption high pollution industry, if a large number of imported crude oil from abroad, and exports of refined oil products, equivalent to the pollution directly to stay at home, and the total domestic capacity upgrade, increase the intensity of environmental governance tone is not consistent. Late, the country or to a certain extent, control of processing trade exports, and in 2016 by the end of product oil general trade export tax rebate policy, by way of general trade exports of refined oil can refund 17% VAT, it also reflects the state encourages the export of general trade from the side, through general trade exports or each enterprise will increase.