The latest data bulletin from the China Petroleum and Chemical Industry Association shows that in the first quarter of this year, the petroleum and chemical industries exhibited the characteristics of unabated production growth, stable product sales, rising and falling prices, active import and export trade, and uneven economic performance. However, due to the rapid increase in costs, it can not be effectively transferred to the downstream, resulting in a decline in the efficiency of some industries.
In the first quarter, the 65 (categories) of petroleum and chemical products that were tracked in key terms had 58 kinds of production, which accounted for 89.2% of the increase compared with the same period of last year, of which 41 kinds of which accounted for 63.1% of the increase of more than 10%. Production of natural gas, fertilizers, pesticides, important basic chemical raw materials, synthetic resins, etc. grew rapidly, while production of some products such as synthetic fiber products, kerosene, fuel oil, and photographic film declined compared with the same period of last year.
From January to February, the national oil and chemical industry product sales rate was 97.33%, of which crude oil and natural gas extraction industry sales rate was 101.27%; refined petroleum product manufacturing production and marketing rate of 97.89%, a year-on-year decrease of 0.35 percentage points; chemical industry production and marketing rate of 95.6 %, a year-on-year decrease of 0.6%.
Judging from the trend of market prices, the rapid expansion of production capacity and the slower growth of demand jointly play a role in the market, making the downward pressure on prices very high. At the same time, the general increase in costs constitutes a certain supporting role for the market. Therefore, the petrochemical market as a whole is characterized by mixed performance, frequent price fluctuations, and a general tendency to decline.
In the first two months, the petroleum and chemical industry realized a total industrial value of 571.56 billion yuan, a year-on-year increase of 31.5%; an industrial added value of 150.33 billion yuan, a year-on-year increase of 25.5%; and a product sales revenue of 550.72 billion yuan, an increase of 31.5%; Profit after deduction reached a total profit of 66.7 billion yuan, an increase of 34.2%. Despite the substantial increase in overall industry-wide profitability, this is mainly driven by the oil and gas exploitation industry.
In the first quarter, the 65 (categories) of petroleum and chemical products that were tracked in key terms had 58 kinds of production, which accounted for 89.2% of the increase compared with the same period of last year, of which 41 kinds of which accounted for 63.1% of the increase of more than 10%. Production of natural gas, fertilizers, pesticides, important basic chemical raw materials, synthetic resins, etc. grew rapidly, while production of some products such as synthetic fiber products, kerosene, fuel oil, and photographic film declined compared with the same period of last year.
From January to February, the national oil and chemical industry product sales rate was 97.33%, of which crude oil and natural gas extraction industry sales rate was 101.27%; refined petroleum product manufacturing production and marketing rate of 97.89%, a year-on-year decrease of 0.35 percentage points; chemical industry production and marketing rate of 95.6 %, a year-on-year decrease of 0.6%.
Judging from the trend of market prices, the rapid expansion of production capacity and the slower growth of demand jointly play a role in the market, making the downward pressure on prices very high. At the same time, the general increase in costs constitutes a certain supporting role for the market. Therefore, the petrochemical market as a whole is characterized by mixed performance, frequent price fluctuations, and a general tendency to decline.
In the first two months, the petroleum and chemical industry realized a total industrial value of 571.56 billion yuan, a year-on-year increase of 31.5%; an industrial added value of 150.33 billion yuan, a year-on-year increase of 25.5%; and a product sales revenue of 550.72 billion yuan, an increase of 31.5%; Profit after deduction reached a total profit of 66.7 billion yuan, an increase of 34.2%. Despite the substantial increase in overall industry-wide profitability, this is mainly driven by the oil and gas exploitation industry.
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