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China's bid for the world's largest crude oil importer in the United States

China's bid for the world's largest crude oil importer in the United States

  • Categories:Industry News
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  • Time of issue:2020-03-31 14:57
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China's bid for the world's largest crude oil importer in the United States

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

Since the second half of 2014 crude oil on the long Xiong Tu and has in the past two years. During this period, China as one of the most important oil consumer in the world, quietly accelerated the speed of the crude oil imports.

China's crude oil imports of 310 million tons in 2014, reached 335 million tons, 2015 years ago now 4 months, the number has reached 124 million tons. Can in 2015 more than in 2014 imported 25 million tonnes of crude oil at the same time, import value is only more than 8300 one hundred million yuan, compared with 1.4 trillion yuan in 2014, equivalent to save 570 billion yuan, a drop at an alarming 40%.

However, after a decline in a year and a half, there is an obvious rebound in international oil prices in the first half of this year, and in the plate on the $50 a barrel last Friday. Even so, also did not see signs of China's import less at present: 2, 3, 4 months of this year, China's crude imports have exceeded 30 million tons, a large number of heavy crude oil ships stop at Qingdao port waiting for all the earth, from the Middle East, South America, Russia's oil traders have come to China for market - as the world's largest oil importer, China has become the international oil price stability anchor.

If from beginning in July 2014, over the past 22 months, China imported 616 million tons of crude oil, a number that more than 2015 crude oil consumption. It is the price in a low point in 2015, China surpassed the United States, as the world's largest crude oil importer.

However, although Qingdao still tanker YaGang, but international oil prices already said goodbye to the lowest. Since February, international oil prices higher, all the way to the end of may is nearing $50 a barrel.

"This late on Chinese imports will not have much impact." Zhuo and information analysts Liu Mengkai analysis in an interview with reporters, on the one hand, the local refineries also increases the risk of import quotas, on the other hand, China's strategic petroleum reserve construction has not yet completed, will both supportive of late oil imports.

On May 31st, the national energy bureau issued a "national oil reserves ordinance (draft)" (hereinafter referred to as "draft"). Put forward the "paper", to keep national oil reserves and oil consumption.

Liu Mengkai introduces, at present, China's strategic petroleum reserve is roughly equivalent to 50 days of imports, and the goal is to at least 90 days in the future.

22 months imports material domestic 3 annual output

In April this year, China surpassed the United States again, the number of imported 7.96 million barrels of oil per day for the world's largest crude oil importer. That month, imported a total of 32.58 million tons of crude oil in our country, is more than 30 million tons of imports for the third consecutive month.

In the past 22 months, monthly imports of crude oil in our country there are 7 times more than 30 million tons, the first time in December 2014. At that time, the international oil prices have been falling for the past six months, lower than the price at the end of June that year by nearly 50%.

Because of this, although in December 2014, imports more than in June of 7 million tons, but the total amount of crude oil imports instead of the more than 50, one hundred million yuan lower than in June.

WTI and brent crude oil prices have, both fell to about $37 a barrel. This year, China imported 334 million tons of crude oil, rose 8.8% year-on-year. Also this year, China's crude oil's far more than 60% for the first time.

Several experts said to reporters, although low oil prices and high imports will lead to input the risk of deflation, but such a crude oil consumption in China 10 years the worst low so it is time to increase imports.

That is the case. Since 2014, international oil prices fell in April this year, July 22 months in China's crude imports amounted to 616 million tons, oil consumption over the last year, close to the sum of the past three years China's crude oil production.

However, China's petrochemical industry association, director of the ministry of information to Fang told reporters that in our country in recent years, the import is around 300 million tons every year, nearly two years of import is relatively stable.

In 2016, the international oil prices by frozen expected to support production, from less than $30 in February climbed to nearly $50. Even so, China is still not slow down the pace of oil imports.

In this year have been published data of four months, in addition to the crude oil imports in January slightly low, other 3 month in more than 31 million tons, march and April are more than 32.5 million tons. "Now not because rebound in oil prices will reduce import in our country." Liu Mengkai thinks, even if oil prices reached $50, compared to two years ago is still relatively low prices.

A shandong refining work staff, told reporters that despite the recent oil price increases, but its only last year to get the oil amongs so many brands in the enterprise, in the short term will not slow down the pace of the imported crude oil.

Has been allowed to import crude oil companies received a total of 70 million tons of annual quota, and is applying for the part of the local refineries can imports are expected to more than 100 million tons this year, nearly a third of the country's imports.

Another support factor is the strategic petroleum reserve of oil imports. At the end of 2014, the national bureau of statistics released the first official national petroleum reserve information, according to national oil reserve the first phase of construction was completed in 2009, including the zhoushan, zhenhai, dalian and huangdao 4 national oil reserve base, the total reserve capacity of 16.4 million cubic meters, oil reserves of 12.43 million tons, equivalent to about 91 million barrels, about nine days of consumption.

In December last year, the national bureau of statistics web site to release information display again. By the mid - 2015, China built eight national oil reserve base, the total reserve capacity of 26.8 million cubic meters. Next, will plan the new four projects.

Released on May 31, the exposure draft national oil reserve can be divided into the government obligation to reserve oil reserves of oil and enterprises, to respond to emergencies such as oil supply disruptions caused by or shortage.

The international energy agency (IEA), suggested that its members reserves equivalent to 90 days of oil imports, according to the international consultancy EnergyAspects estimates that if China's goal is to reserve the equivalent of 90 days of imports of oil, China's strategic petroleum reserve would need 540 million to 540 million barrels of oil.

"At present, China's strategic petroleum reserve is less than the number of, still need to continue to import in the future." Liu Mengkai think it will be to support an important force in China's oil imports.

"When prices fall, who knows if they would continue to fall, so also no bottom." Wish Fang said, "bottom is to calculate the financial costs, so large, so large amounts of crude oil stored in there, even buy low is not cost-effective."

Late to refine, strategic reserve support imports

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