China Petrochemical Association Report Reports July Domestic Crude Oil Production Increase by 5%

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According to the analysis report recently released by China National Petroleum Corporation and the Chemical Industry Association, the economic operation of the petrochemical industry continued to be positive in July, with strong growth in production and continued growth in exports. The increase in crude oil production in China was the highest this year, reaching 5%.

Throughout July, domestic crude oil producers actively organized production to ensure market supply. The monthly crude oil production in the country was 16.17 million tons, a year-on-year increase of 5%, which was the highest monthly increase this year. January-July crude oil output was 110 million tons, an increase of 2.2% year-on-year. Refining companies to overcome difficulties, full-load production, from January to July total crude oil processing capacity of 200 million tons, an increase of 5.8%; refined oil production 120 million tons, an increase of 6.9%.

The report believes that the main concern for the current industry is rising international crude oil prices, driving up product costs and rising prices.

The rising prices of the domestic petroleum and chemical products market have expanded, and the price transmission pressure has shown signs of slowing down. Among the 168 kinds of petroleum and chemical products that the petrochemical association has focused on tracking, prices have increased by 135 kinds, which account for 80.4% of the year-on-year increase, which is approximately 10 percentage points higher than the first half of the year; there are 30 types of declines, accounting for 17.8%; there are three types of flat prices. Accounted for 1.8%.

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