Chinese Oil External Dependence Needs High Attention
Posted: 08/18/2014 02:08:36 Edited: 08/18/2014 02:08:25 Clicks: 1040
Recently, data published by Economic Institute of Technology of CNPC show that domestic oil consumption is about 5.08 hundred million tons and domestic oil output is about 2.1 hundred million tons in 2014. Oil import volume is about 2.98 hundred million tons. Chinese oil external dependence is 58.66%, approaching 59%.
In the second half of this year, fundamentals of global oil supply and demand transfers from relative loose to relative balance. The impact caused by geopolitical factors cannot be neglected.
Economic Institute of Technology of CNPC predicts that global oil demands will be 93.8 million barrels per day in the second half of this year, increasing by 1.55 million barrels per day on year-on-year basis. Increment on year-on-year basis is higher than last year. In the mass, supply growth is smaller than demands growth, though the increment of oil supply is higher than the same period of last year. Recently, potential impacts on oil supply and oil prices, caused by political and social unrests in Iraq and other oil producing countries, should be highly valued.
In addition, Economic Institute of Technology of CNPC also shows that domestic demands for refined oil products will continue rising at a low speed. The supply and demand market is relative loose. It is estimated that domestic apparent consumption of refined oil products is about 2.96 hundred million tons and output of refined oil products is about 3.02 hundred million tons in 2014. Among, apparent consumption of gasoline is about one hundred million tons, increasing by 6.8% on year-on-year basis. Growth decreases by 1%. Demands for diesel oil remain negative growth. Apparent consumption of the whole year is about 1.67 hundred million tons, reducing by 2% on year-on-year basis. Demands for kerosene grow at a high speed which is predicted to increase by 12% on year-on-year basis annually. Growth rises by 3%. Refined oil products net export of the whole year is about 11 million tons, rising by 2 million tons on year-on-year basis.
In the second half of this year, fundamentals of global oil supply and demand transfers from relative loose to relative balance. The impact caused by geopolitical factors cannot be neglected.
Economic Institute of Technology of CNPC predicts that global oil demands will be 93.8 million barrels per day in the second half of this year, increasing by 1.55 million barrels per day on year-on-year basis. Increment on year-on-year basis is higher than last year. In the mass, supply growth is smaller than demands growth, though the increment of oil supply is higher than the same period of last year. Recently, potential impacts on oil supply and oil prices, caused by political and social unrests in Iraq and other oil producing countries, should be highly valued.
In addition, Economic Institute of Technology of CNPC also shows that domestic demands for refined oil products will continue rising at a low speed. The supply and demand market is relative loose. It is estimated that domestic apparent consumption of refined oil products is about 2.96 hundred million tons and output of refined oil products is about 3.02 hundred million tons in 2014. Among, apparent consumption of gasoline is about one hundred million tons, increasing by 6.8% on year-on-year basis. Growth decreases by 1%. Demands for diesel oil remain negative growth. Apparent consumption of the whole year is about 1.67 hundred million tons, reducing by 2% on year-on-year basis. Demands for kerosene grow at a high speed which is predicted to increase by 12% on year-on-year basis annually. Growth rises by 3%. Refined oil products net export of the whole year is about 11 million tons, rising by 2 million tons on year-on-year basis.
