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China's crude oil reserves of strategic reserves of only 2/3

China's crude oil reserves of strategic reserves of only 2/3

  • Categories:Industry News
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  • Time of issue:2020-03-31 14:57
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China's crude oil reserves of strategic reserves of only 2/3

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
A few days ago, the General Administration of Customs released June report shows that the month of China's crude oil imports 29490000 tons, equivalent to 7200000 barrels / day. "Daily economic news" reporter in the U.S. Energy Information Department to see the data show that the United States in June the average daily volume of imports of crude oil was 699.2 barrels / day. Thus, after April, China surpassed the United States as the world's largest importer of crude oil.
Think Acciona energy and Strategy Research Director Li Li when accepting a reporter to interview, said China has once again become the largest importer of crude oil is not a surprise, with various reasons. On the one hand, the government in accelerating the crude oil reserves; on the other hand, as oil prices stabilized, the enterprise also began to increase the volume of imports of crude oil.
Influence of oil prices in the low to stabilize, expects the domestic refining enterprises will benefit from this, so as to bring the results of the recovery.
Oil reserves and space
In June, China's crude oil imports once approaching the highest monthly import volume this year. Prior to April, China's imports of international crude oil reached 30285800 tons, the first time exceeded the United States to become the largest oil importing country.
Chung Petrochemical network analyst Li Yan told the "daily economic news" reporter, resulting in June crude oil imports rose is one of the important reasons is the Qingdao the second phase of strategic oil reserve base is located in started oiling. The depot is amounted to 300 million cubic meters, can store about 19 million barrels of crude oil, from and to boost the domestic demand for crude oil.
In fact, since the fall in oil prices last year, China has been improving the amount of crude oil imports, and to accelerate the pace of strategic reserves of crude oil. Before the country has announced a strategic reserve of specific data, including Zhoushan, Zhenhai, Dalian, Huangdao, four national oil reserve base, has been basically completed reserves. At present, the country is in a period of two reserve base in the accumulation of the two phase of the project, the oil has not yet been completed.
Li Yan believes that the "safety line", the International Energy Agency (IEA) provides strategic oil reserve capacity is equivalent to its 90 days of net imports of oil, and is China's strategic oil reserve project was to the second and third stage, even optimistic estimates only a to about 33 days or 60 days of net oil imports of crude oil processing volume using the scale, from the internationally recognized "90 day" is still not a small gap. "2014 China's oil import dependency is about 59.3%, import dependence is still high prices, China's oil security problem also gets more attention, strategic reserve is the key point to enhance the safety factor. With the two phase of the reserve in Huizhou oil depot in July gradually open, the third quarter of a single month of crude oil imports are still a chance to innovate." Li Yan said.
Oil prices stabilized good Petrochemical Enterprises
In the view of Li Li, China in June imports of crude oil increased once again become the first in the world, not only because the country accelerated reserve of crude oil, and as oil prices stabilized, the domestic enterprises to purchase crude oil also began to increase. "The behavior of the enterprise is more to buy or not to buy, in the process of decline, the enterprise is more likely to choose to wait and see, and now the price has stabilized, the number of enterprises to buy crude oil will be increased." Li Li said.
Since last year, the international crude oil prices from $120 a way to less than $50 / barrel, then the oil price began to stabilize, hovering around $60.
Customs data show that the first half of this year, China imported crude oil 1.6337 tons, an increase of 7.49%; imports of crude oil was 177090000000 yuan, an increase of 41.72%. From the import unit price, the first half of this year, China's crude oil imports about 2599.2 yuan per ton, down 45.8%.
Some analysis, the domestic petrochemical enterprises will benefit from the decline in oil prices. Sinopec previously released announcement shows that company is expected to 2015 in the second quarter (April 1 to June 30,) belonging to the shareholders of listed companies net profit compared to 2015 first quarter growth more than 1000%.
Previously Sinopec spokesman LV Dapeng had told the "daily economic news" reporter said 80% of Sinopec's crude oil imports and refining business accounted for than larger. Therefore, the international crude oil prices fell to corporate profit growth has positive significance.
Li Li thinks, oil prices stabilized and maintained in the low rise slowly, for Sinopec's refining sector considerable benefits. "Lower oil prices will stimulate the demand for finished oil products, Sinopec refinery in sales and gross profit will better, so it can be judged in the second quarter, Sinopec refining plate will have good performance." Li Li further analysis.
The performance of Sinopec Shanghai Petrochemical is more brisk, compared to the first quarter profit growth of about 3200%. Shanghai Petrochemical released the first half of the two quarter forecast shows that the first half of the parent company's net profit attributable to shareholders of 1680000000 yuan to 1780000000 yuan. 5217.6_wan million yuan in the first quarter of this year net profit of the company, Shanghai Petrochemical said performance losses are the main reason for the profit is compared with the same period last year, the group's crude oil processing cost is reduced greatly, the product gross margin increased.
"Oil prices stabilize, the refining industry will benefit." Li Li said, "with the local refinery crude oil import quota increase and the gradual implementation of crude oil imports, China's future crude oil imports is expected to further finished."
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