China's oil imports may continue to slow at the beginning of this year

As of 2008 (unless noted, the following are the same) at the end of November, PetroChina and Sinopec’s gasoline inventories increased to 34.8 million barrels, up 5.14% from October; diesel inventories rose to 52 million barrels, up 0.78% from October. The two major groups of gasoline inventories in October was 33.1 million barrels, up 6.77% from September; diesel inventories reached 51.6 million barrels, up 8.4% from September.

According to the statistics from the China Petroleum and Chemical Industry Association, China’s crude oil processing volume has dropped for two consecutive months since reaching a peak of 30.306 million tons in July, reaching 28.251 million tons in September. In November, the nation’s crude oil processing volume experienced a negative growth for the first time, a decrease of 2.3%. Petroleum and petrochemical companies began to overhaul some refineries to reduce processing volume.

In terms of import volume, China imported 13.36 million tons of crude oil in November, which was a year-on-year decrease of 1.86%, but it was 17.3% lower than the previous month, exceeding market expectations. Reuters estimates that apparent oil demand in November fell by about 3.5% year-on-year, the first decline in nearly three years.

Paul Ting, an independent US analyst who tracks China’s oil trends, also stated in a recent report that the rate at which US oil consumption has not been seen since the 1980’s has dropped sharply, and that China’s oil demand has contracted even faster than the United States. Rapidly. The increase in inventories, processing volume, and consumption has fallen sharply. The fundamental reason is the slowdown in the Chinese economy. In the case of further deepening of the economic recession in the developed countries such as the United States, the highly outward-looking Chinese economy is also difficult to bottom out and rebound quickly in a short period of time. In this way, at least in early 2009, China's oil imports may continue to slow down.

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