According to a report on the website of Bloomberg News on March 28, Fu Xiao, executive director of China Commodity's commodity market strategy, said in an interview that although the oil refining enterprises in the world's largest auto market increased the amount of crude oil processing in order to meet the fuel demand of motor vehicles. However, they eventually produced diesel, and the use of diesel was decreasing due to the shrinking of industrial activity in China. Fu Xiao said that in the case of this "product mismatch", excess diesel oil was exported overseas, flooding into regional markets and affecting profit margins.
According to the report, unlike China's overcapacity coal and steel industry, China's crude oil processing volume reached a historical record last year, and production capacity is expected to continue to expand in the next few years. This is driven by the demand for gasoline from the surge in car sales. According to the China Association of Automobile Manufacturers, this year's car sales will grow by 6%, faster than the 4.7% growth in 2015.
On March 24, Fu Xiao said in Singapore: "China's gasoline demand is becoming very strong, because people are driving different cars. People like you and me have more money to buy better. "The car has built its own infrastructure for the production of much more distillate fuel like diesel. If China's gasoline production increases, it will eventually have to export more distillate fuel," Further affecting the regional market."
The International Energy Agency said in a report last month that from 2015 to 2021, as China's car ownership grows at a rate of nearly 10% a year, its gasoline demand is likely to grow by 6.8% annually. At the same time, the slowest economic growth in more than two decades is leading to a slowdown in production activity and a reduction in domestic diesel use. In the first two months of 2016, the added value of industrial enterprises above designated size increased by 5.4% year-on-year, the weakest performance in the year since 2009.
According to China's largest energy company, PetroChina's Institute of Economics and Technology, China's annual refining capacity may expand by 16.4% in the next five years to 2020, while diesel will account for 90% of excess fuel.
According to the report, according to China's official news agency Xinhua News Agency's briefing "China Petroleum Stock Data", China's diesel inventories increased by 38.26% at the end of February this year, while gasoline inventories fell by about 7.23%. The briefing showed that due to factors such as the Spring Festival holiday, enterprises, infrastructure and logistics were shut down, diesel demand was sluggish, and during the peak season of the Spring Festival, gasoline demand rebounded significantly.
According to the report, unlike China's overcapacity coal and steel industry, China's crude oil processing volume reached a historical record last year, and production capacity is expected to continue to expand in the next few years. This is driven by the demand for gasoline from the surge in car sales. According to the China Association of Automobile Manufacturers, this year's car sales will grow by 6%, faster than the 4.7% growth in 2015.
On March 24, Fu Xiao said in Singapore: "China's gasoline demand is becoming very strong, because people are driving different cars. People like you and me have more money to buy better. "The car has built its own infrastructure for the production of much more distillate fuel like diesel. If China's gasoline production increases, it will eventually have to export more distillate fuel," Further affecting the regional market."
The International Energy Agency said in a report last month that from 2015 to 2021, as China's car ownership grows at a rate of nearly 10% a year, its gasoline demand is likely to grow by 6.8% annually. At the same time, the slowest economic growth in more than two decades is leading to a slowdown in production activity and a reduction in domestic diesel use. In the first two months of 2016, the added value of industrial enterprises above designated size increased by 5.4% year-on-year, the weakest performance in the year since 2009.
According to China's largest energy company, PetroChina's Institute of Economics and Technology, China's annual refining capacity may expand by 16.4% in the next five years to 2020, while diesel will account for 90% of excess fuel.
According to the report, according to China's official news agency Xinhua News Agency's briefing "China Petroleum Stock Data", China's diesel inventories increased by 38.26% at the end of February this year, while gasoline inventories fell by about 7.23%. The briefing showed that due to factors such as the Spring Festival holiday, enterprises, infrastructure and logistics were shut down, diesel demand was sluggish, and during the peak season of the Spring Festival, gasoline demand rebounded significantly.
Steel Flange,Stainless Steel Flange,Carbon Steel Flanges, Pipe Fitting Flange
Cangzhou Youlong Pipe Fitting Manufacturing Co., LTD , https://www.ypco88.com