Crude oil current supply and demand in China

January 17, 2023

TDDchem.com

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中国的石油需求排名世界第二，根据OPEC最新的数据（12月月报）显示，中国原油消费量1479万桶/天，占比全世界原油消费量的15%，仅次于排名第一的美国，与美国日均消费量2054万桶（占比20%）仍有一定差距，但是已经超过了欧盟的石油消费量。

China's oil demand ranks second in the world. According to the latest data of OPEC (monthly report in December), China's crude oil consumption is 14.79 million barrels/day, accounting for 15% of the world's crude oil consumption, second only to the United States, which ranks first. There is still a certain gap between the average daily consumption of the United States and 20.54 million barrels (accounting for 20%), but it has exceeded the oil consumption of the European Union.

中国作为新兴经济体，由于经济的高速发展，一直保持较高的原油消费增长，近30年平均同比增速6.3%，远高于世界总体的平均水平1.04%。因此作为主要的原油消费国，中国原油的进口政策、国内炼化开工以及终端消费情况，将从需求端的影响，传导至国际原油市场。

As an emerging economy, China has maintained a relatively high growth of crude oil consumption due to the rapid economic development, with an average year-on-year growth rate of 6.3% in the past 30 years, far higher than the overall average of 1.04% in the world. Therefore, as a major consumer of crude oil, China's crude oil import policy, domestic refining and final consumption will be transmitted from the demand side to the international crude oil market.

中国原油需求高度依赖进口

China's crude oil demand is highly dependent on imports

中国幅员辽阔资源丰富，但原油这类资源不丰富，截至2021年中国原油储量约265亿桶水平，仅占全球已探明原油储量的1.7%。近年来中国的原油产量逐年提升，但由于储量水平低，开采技术与国外仍有一定差距，产量难有大幅提升。2022年月均产量1715万吨，同比去年增加42万吨，增幅2.51%。

China is vast and rich in resources, but such resources as crude oil are not rich. By 2021, China's crude oil reserves are about 26.5 billion barrels, accounting for only 1.7% of the world's proven crude oil reserves. In recent years, China's crude oil production has increased year by year, but due to the low level of reserves, there is still a certain gap between the mining technology and foreign countries, and it is difficult to significantly increase the production. The average monthly output in 2022 is 17.15 million tons, an increase of 420000 tons or 2.51% year on year.

尽管美国的需求总量超过中国，但是页岩油革命爆发以来，美国原油基本能实现供需平衡，仅需要进口少量特殊油种，以满足炼厂需求，但是中国和欧洲原油需要依靠大量进口。其中，中国的原油进口量排名全球第一，占全球总进口量的24.1%。

Although the total demand of the United States exceeds that of China, since the outbreak of the shale oil revolution, the United States has basically achieved a balance between supply and demand of crude oil, and only needs to import a small amount of special oil to meet the demand of refineries, but China and Europe need to rely on a large number of imports of crude oil. Among them, China's crude oil imports ranked first in the world, accounting for 24.1% of the total global imports.

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