In the first quarter of this year, the oil and petrochemical industry was in good shape. The market supply and demand are basically stable, the price has increased substantially, investment has resumed growth, and the industry benefits have improved significantly. However, the increase of unit cost increases, the market price fluctuates a lot, the pressure of petrochemical product imports continues to increase. In the future, the uncertainty of uncertainty in the operation of industry economy is still very large. In the first quarter of this year, China's oil and gas watch consumption was 200 million tons (oil equivalent), up 4.6 percent year on year, and the growth rate was 1.9 percentage points higher than the previous year. Among them, the crude oil apparent consumption was 151 million tons, up 6.5 percent year on year, 0.9 percentage points faster than the previous year, and 68.2 percent external dependence. The consumption of natural gas was 59.08 billion cubic meters, a rise of 3.6 percent, down 4.9 percent, accounting for 26.6 percent of total oil and gas consumption, and 34.4 percent of the total. In the first quarter, domestic consumption of refined oil consumption was 793.33 million tons, up 1.3 percent year on year. Among them, the consumption of diesel oil was 40,786 million tons, a decrease of 0.5%; The apparent consumption of gasoline was 304.29 million tons, up 1.1%. Consumption growth of refined oil products is still weak. In the first quarter, the consumption of ethylene was 520.4 million tons, down 0.5% from the previous year. The total consumption of synthetic materials increased by 10.7%, the highest in recent years. Among them, the apparent consumption of synthetic resin was 2849.60 million tons, an increase of 8.8%.
Oil and gas production picked up, and the growth of petrochemical products was basically stable. In the first quarter, the total output of crude oil in China was 828.84 million tons (oil equivalent), down 2.8 percent year on year, a decrease of 2 percentage points from the previous two months. Crude oil production was 48018 million tons, down 6.8 percent from a year earlier, and a decline of 1.2 percentage points. Natural gas production is 38.74 billion cubic meters (including coal bed methane), which is up 3.4 percent, and the growth rate is 3.4 percentage points. Liquefied natural gas output was 17.66 million tons, up 26.9 percent. In the first quarter, crude oil processing volume was 138 million tons, up 4.5 percent. Ethylene production reached 46.27 million tons, down 5.1%; Production of refined oil (gas, coal, diesel, together) 88032 million tons, up 4%; Production of synthetic materials was 37.14 million tons, a 5.4% increase.
Domestic crude imports have continued to grow rapidly this year, and natural gas has slowed. Imports of crude oil totaled 105m tonnes in the first quarter, up 15% from a year earlier, according to customs data. Imports were $40.82 billion, an increase of 80.5 percent. Imports of natural gas 209.0 billion cubic meters, an increase of 4.2 percent, significantly lower than the previous year. Imports were $4.81bn, up 2 per cent. The export of refined oil products in the first quarter was 97.81 million tons, up 29.1% year on year. Exports were $5 billion, up 54.5%. Among them, diesel exports were 420.10 million tons, up 51.6 percent, and exports were $2.08 billion, up 84.2 percent.
In the first quarter, the oil and petrochemical industry fixed asset investment in general resumed growth. Among them, the oil and gas exploration industry investment increase is relatively high, but the fluctuation is bigger. According to the national bureau of statistics, the actual investment in oil and gas extraction in January and march was 304 billion yuan, up 26.5% year on year, and the growth rate was significantly lower than that of the previous two months. The chemical manufacturing investment was 213.8 billion yuan, a drop of 1.1 percent, down 1.1 percent from the previous month. Income growth was steady and fast. In the first quarter, the oil and petrochemical industry's main business revenue was about 1.41 trillion yuan, up 26.9 percent year on year, a percentage point lower than the previous February. Among them, the main business income of oil and gas extraction industry was 212.990 billion yuan, up 35.1%. Revenue of oil refining owners' revenue was 808.63 billion yuan, up 25.4%. The main revenue of synthetic materials manufacturing was 387.55 billion yuan, an increase of 25.8%. Profits are showing a recovery momentum. In the first quarter, the oil and petrochemical industry realized profits of about 95.91 billion yuan, a year-on-year increase of 330%. Among them, the total profit of oil and gas extraction industry totaled 17.68 billion yuan, compared with a loss of 30.81 billion yuan in the same period last year. The total profit of the oil refining industry was 543.1 billion yuan, an increase of 34.8%. The total profit of synthetic materials was 23.92 billion yuan, up 96.1%.
According to the trend of operation of macro economy, petroleum and petrochemical industry production, prices, and the change of structure adjustment, and analyzing the comprehensive factors such as expected in the first half of 2017, petroleum and petrochemical industry main business income is 2.94 trillion yuan, up 24% from a year earlier. Among them, oil and gas exploration industry's main revenue is about 444.6 billion yuan, a rise of 27%. Oil refining owners' revenue was 1.68 trillion yuan, up 24.5%. The main revenue of synthetic materials manufacturing was about 810.7 billion yuan, up 21%. The oil and petrochemical industry's profit in the first half of the year was estimated at 179.8 billion yuan, up 133% year on year. Among them, oil and gas mining profit was about 35.3 billion yuan, compared with a loss of 41.25 billion yuan in the same period a year ago. The total profit of the refining industry totaled 101.8 billion yuan, a 16% increase. The total manufacturing profit of synthetic materials totaled about 42.6 billion yuan, up 39 percent. In the first half of the year, crude oil consumption was about 303 million tons, up 5.6 percent year on year. The apparent consumption of natural gas is about 112.7 billion cubic meters, an increase of about 5%. The apparent consumption of refined oil was about 159 million tons, up by 2%, with diesel apparent consumption of about 81.89 million tons, a 1% increase. The apparent consumption of synthetic resin was about 5658 tons, up 7%. The apparent consumption of ethylene was about 10.11 million tons, up 1.5 percent.
Overall, prices rose strongly in the first two months of the year, followed by a sharp correction in March, with prices for some of the major petrochemical products rising and falling on a roller-coaster ride. Market monitoring showed that the average price of pure benzene fell 15.6 percent in March from the previous month, while methanol was down 11.9 percent from the previous month, and ethylene glycol was down 9.3% from the previous month. The range of butadiene rubber and shunding rubber was even more striking, with the monthly increase of 14.8 percent and 13.9 percent respectively in February and 18.2 percent in March and 18.9 percent in March. The monitoring indicates that the market fluctuation of organic chemical raw materials and synthetic materials is greater. Market volatility shows that people are uncertain about the market outlook and are worried about the steady operation of the petrochemical industry. In the first quarter, the import of synthetic materials and organic chemical raw materials showed high growth, especially the growth of synthetic materials. From January to march, China's total imports of synthetic materials totaled 12.775 million tons, up 28.3% year on year. Net imports of 105.04 million tons, up 34.4 percent, were both negative growth in the same period last year. The import of organic chemical materials was 158.92 million tons, up 21.5 percent year on year, and the net import 126.17 million tons, an increase of 25.5%. Among them, the import of synthetic resin increased by 20.2% and the increase of synthetic rubber reached 108.1%. The import of ethylene glycol and methanol increased by 42.6% and 16.6% respectively. The surge in imports of major petrochemical products has put enormous pressure on the domestic market, adding to market volatility and risk. The increase of unit cost in petrochemical industry is obviously accelerating, especially in oil refining. The data shows that the main income cost of the oil and gas exploration industry is 75.34 yuan, up 0.59 yuan from January to February. The main income cost of the oil industry 100 yuan was 76.58 yuan, the highest in a year, rising 1.18 yuan. The cost of manufacturing 100 yuan of synthetic materials manufacturing was 87.27 yuan, up 0.42 yuan. The current cost increase is mainly caused by the rise in the price of raw materials. Rising costs will inevitably lead to an accelerated slowdown in profit growth in the industry.