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The domestic oil reserves "growth" said the industry legislation must keep up with facilities

The domestic oil reserves "growth" said the industry legislation must keep up with facilities

  • Categories:Industry News
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  • Time of issue:2020-03-31 14:57
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The domestic oil reserves "growth" said the industry legislation must keep up with facilities

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
International oil prices fall, once a record low of 6 and a half years. Based on the global economic slowdown, crude oil supply is greater than demand, and other factors, a number of agencies have recently lowered the international oil price expectations. Low level of oil prices to China to increase oil reserves to provide favorable conditions. Data show that China's crude oil imports in the first 8 months of this year, an increase of about 10%, the country is also actively building oil reserves, to accelerate the pace of production.
The industry believes that China's urgent need to establish a sound multi-level oil storage system, the appropriate increase in domestic crude oil reserves are based on the long-term consideration of national energy security. To increase crude oil strategic reserve, on the one hand, we should carefully plan, increase investment, strengthen the construction of crude oil reserves, and on the other hand, we should strengthen the oil strategic reserve legislation, improve the oil reserve mechanism, seize the current favorable opportunity to lower oil prices, improve oil strategic reserves of water.
Oil prices continue to slump
Since mid June last year, the international oil prices will open up more than half a year's journey. August 24th, Brent and U.S. crude oil futures prices is a record six years and a half low, respectively, below the $45 a barrel and 40 U.S. dollars of support.
September 17th, the Federal Reserve announced that the federal funds rate to remain at the current level, not to raise interest rates. The Fed's decision has sparked fears of a slowdown in the global economy, with the sharp drop in international oil prices in September 18th. New York Mercantile Exchange, October delivery of light crude oil futures prices closed at $44.68 a barrel, down 4.73%; London Brent crude futures for delivery in November to close at $47.47 a barrel, down 3.28%.
The industry generally believes that the global economic slowdown, crude oil supply and demand imbalances, geopolitical conflict and the dollar strength and other factors is the main reason for the decline in international oil prices. Based on this, a number of agencies in the near future, the international oil price forecast.
Citigroup will 2015 Brent crude oil price is expected to fall from $58 / barrel to $54 / barrel, 2016 Brent crude oil price is expected to fall from $63 / barrel to $53 / barrel. 2015 U.S. crude oil price is expected to fall from $53 / barrel to $48 / barrel, U.S. crude oil price is expected to fall from $56 / barrel in 2016 to $48 / barrel.
U.S. Energy Information Administration (EIA) will also be the United States and the global spot crude oil prices were down about 10%, is expected in 2015 U.S. crude oil prices of $49.62 / barrel, Brent crude oil price of $54.4 / barrel.
The latest survey released in September 18th, analysts and traders bearish this week NYMEX crude oil price trend. In an investigation of the 38 analysts, 13 people call (34%), put 15 people (39%), see 10 people (27%).
Oil reserve small step run
Low wander, and short term microscopic rebound in oil prices, to China increased oil reserves open a rare window period.
The report shows that by the end of 2013, China's crude oil reserves static capacity of a total of 22.7 days, far lower than the international energy agency set up no less than 90 days of safety standards.
February 10, held a central financial work leading group of the ninth meeting, the leaders of relevant countries pointed out that energy security, clear responsibility, pay close attention to implementation, stress a result, closely tracking the international energy market in the new situation and new changes, while avoiding disadvantages, speed up the perfect strategic oil reserve system, promote the reform of energy prices, oil and natural gas system, vigorously develop non conventional energy.
According to anxunsi statistics, as early as the end of last year, Chinese in crude oil reserves has been frequently shot "". From the November 2014 announced a national strategic reserve base data to January 2015 development and Reform Commission promulgated the "on the strengthening of the operation and management of crude oil inventory of crude oil processing enterprises guidance" to encourage enterprise storage, to February for the examination and approval of Yantai Port 300000 ton crude oil terminal project, can be seen in "low oil" era and crude oil reserves "stretched" case, the crude oil reserves of the urgent.
China's crude oil imports in August this year, the data also corroborated this point. Customs latest statistics show that in the first 8 months of this year, China's crude oil imports 2.21 tons, an increase of 9.8%, while the average price of crude oil imports fell by 45.3%.
Citigroup estimates that China's oil (8.38, 0.02, 0.24%) strategic reserves increased by 49000000 barrels in the first half of this year. IEA said, the new two facilities Chinese total reserve capacity of 50000000 barrels of oil will likely begin in the second half of this year.
Anxunsi analyst Ma Chen expected, nearly two years Chinese oil reserve base construction and operation will be more intensive. According to the survey of anxunsi, Yizheng Sinopec [microblogging] 125 million cubic meters of change and expansion of crude oil depot by the end of 2015 can in turn, Sinopec Zhanjiang 135 million cubic meters of crude oil reserve base is expected to put into operation in 2016. In addition, in the international oil prices low market, business and state reserves are active in the reserve price of crude oil. Since the commissioning of Qingdao state reserve two in mid June 2015, 6-7 month accumulative total is close to 400000 tons of standard oil.
To keep up with the legislative facilities
In January this year, the national development and Reform Commission on strengthening the commercial crude oil processing enterprises in the management of commercial crude oil inventories, pointed out that China will establish a minimum of commercial crude oil inventory system, all the crude oil as raw materials to produce all kinds of crude oil processing enterprises, are not less than 15 days to design the daily processing capacity of crude oil.
The industry believes that the guidance of a more open attitude to reveal the hope that the local participation, is intended to promote the country's reserve construction and industry reserve speed.
Chinese Academy of Social Sciences Graduate School Dean, director of the international energy security research center Huang Xiaoyong pointed out that the current annual oil consumption of more than 5 tons, Daqing, Shengli, North China and other large oil fields are constantly increasing the pressure on the increase. At the same time, in 2014 China's oil foreign dependence has been close to 60%, the future will show a rising trend. There is a certain risk of oil transportation channel in Shanghai, China's energy security is still relatively weak. Urgent need to establish a sound multi-level oil storage system, to ensure the stability of the domestic oil market supply.
"At present our country appropriate to increase the domestic commercial crude oil reserve, and can not simply think that is on the international crude oil market bargain hunting behavior, but also consider the long-term national energy security based on. At present, the international crude oil market capacity, the market downturn, China's due to increase commercial reserves will not cause a significant increase in oil prices." Huang Xiaoyong said.
During the two sessions this year, representatives from China Petrochemical (4.87, 0.02, 0.41%) also gave a high degree of concern about oil reserves. CPPCC National Committee member, Chinese Academy of Engineering Cao Xianghong in his two sessions proposal pointed out that China must improve the strategic reserves of crude oil, security: first, carefully plan, continue to increase investment, accelerate the construction of China's crude oil national strategic reserve facilities. Two is to increase the commercial storage capacity of crude oil. Three is to increase the construction of national crude oil strategic reserves and enterprise commercial reserve facilities.
National People's Congress, China Petrochemical [microblogging] Shengli Petroleum Administration Bureau, general manager of Shengli Oilfield Branch Sun Huanquan is called to accelerate the oil reserve legislation. He believes that China as the world's largest oil importing countries, the second largest oil consuming countries, still do not have the special regulations on oil reserves, the oil reserve mechanism is not perfect, it is recommended to strengthen the oil reserve system, to further improve the oil reserve system, to accelerate the construction of oil reserves, to seize the current favorable opportunity to improve oil strategic reserves.
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