On July 5, the China association of petroleum and chemical industries released a report on the industry's economic performance in May. The report showed that the industry economy in May continued to be in good shape. The supply and demand of oil and gas and major chemical markets remained stable, and the overall price of oil and gas was slow, and the export growth was fast and the industry's efficiency continued to improve.

From January to may, the total profit of the oil and chemical industry reached 361.04 billion yuan, a 60% year-on-year increase, and continued to maintain the momentum of high growth. The main revenue cost per 100 yuan was 84.17 yuan, down 0.09 yuan from the previous year. The main revenue margin was 6.11%, up 1.58 percentage points from a year ago. The total industry deficit was 15.7%, down 0.8 percentage points from the previous four months.

In the sector, the total profit of oil and gas extraction was 20.94 billion yuan, compared with a loss of 39.41 billion yuan in the same period last year. The total profit of oil refining industry totaled 816.1 billion yuan, up 12.7% year on year. Total chemical industrial profits totaled $2506.1 billion, an increase of 35.2%.

In the chemical industry, the profit growth of chemical fertilizer, synthetic materials and basic chemical raw materials was higher, reaching 176.8 percent, 60.4 percent and 59.7 percent respectively. Special chemicals and pesticide manufacturing profits increased by 22.3% and 16.2%. Manufacturing profits, such as rubber products and coatings, continued to decline, at 3.2 per cent and 5.4 per cent respectively.

Prices for oil and key chemicals continued to slow in May. The total price of oil and gas exploration in the current month rose 27% from a year earlier, down 16 percentage points from the previous month. Chemical and chemicals manufacturing rose 7.7 per cent. Between January and may, oil and gas prices rose by 54.2% compared with the same period a year earlier, with chemicals and chemicals manufacturing up 9.9%.

Report presented in May in the economic operation of the new situation, new problems: one is the major petrochemical markets continue to fluctuations, oil and chemicals market presents the callback trend, such as synthetic rubber, synthetic fiber monomer callback larger extent; Second, there was insufficient investment. In the previous month, investment in fixed assets declined after a brief increase last month. Third, the import and export pressure of chemical market is still great, and the import of bulk petrochemical products has increased greatly, which has put great pressure on the domestic market. Fourth, the unit cost has picked up relatively quickly. In the first five months, the total revenue of every 100 yuan in the industry exceeded 84 yuan for the first time in the year, which was 0.27 yuan higher than the previous April.