With limited reserve capacity, China's crude oil import volume in May 2015 plummeted by 23% quarter-on-quarter. Analysts said that under the pressure of China's economic weakness and overcapacity in the domestic manufacturing industry, the energy industry's demand for crude oil is sluggish, threatening to suppress the current international oil price. As of press time, the most active New York crude oil futures contract for July 2015 was $58.74 a barrel. Chinese "engine" can't eat In May 2015, China’s crude oil imports fell sharply, and both refined oil imports and exports declined. Data show that China imported 23.24 million tons of crude oil in May 2015, a decrease of 23.3% from 30.29 million tons in the previous month. In this regard, futures analyst Yan Xiaoying said that in May China's crude oil imports fell sharply from the previous month, on the one hand due to a large increase in imports in April led to a larger base than the chain, and more important reason is that the domestic oil price accelerated sharply at the time of sharp decline in oil prices last year Reserves, and by the beginning of this year, the domestic oil strategic reserve tanks have been close to full warehouses, and the Phase I and Phase II strategic petroleum reserve banks have been close to the accommodation limit, while the third phase of the project is under construction and has not yet been put into use. Therefore, the pace of domestic crude oil imports in the future will have Slowed down. Yao Yao, a futures analyst, also stated that imports have also experienced a deceleration in May-June last year. May-June is usually the peak period of domestic refinery equipment maintenance. Refinery demand for crude oil is generally declining. At present, domestic commercial inventories of crude oil are at a high level. Since the drop in crude oil prices in the second half of last year, China has been importing a large amount of crude oil to build up reserve stocks. The current strategic reserve space may have been limited. As the world’s second largest consumer country, China’s crude oil dependence rate is as high as 60%. The decline in import volume will increase the overall oversupply situation in the crude oil market. At the same time, the market share competition among oil-producing countries will continue to increase market supply. Pressure and make oil prices remain low for a long time. Yao Yao said that at present more than half of the domestic imported crude oil comes from the Middle East. After 5-6 months, the demand for crude oil of the Middle East crude oil exporting countries will reach a seasonal peak, and the export capacity will decline. Previously, Saudi Arabia has refused to meet China’s additional requirements. Demand news. Overall, many factors such as the decline in refinery demand caused by overhauls at domestic refineries, the decline in crude oil reserve space, and the reduction in summer crude oil exports in the Middle East all contribute to the reduction in domestic crude oil imports. Or suppress international oil prices The US Energy Information Administration EIA predicted in the short-term energy outlook in early May that China is still the main source of consumption growth in non-OECD countries. Although China's average daily crude oil demand will increase by 328,000 barrels this year, it is 2010. The lowest level of increase since the year, average daily demand increased to 370,000 barrels in 2014. The decline in consumption growth has also been fully reflected in China’s May crude oil import and export data. Analysts said that in the current global oversupply of crude oil, global demand growth is not enough to digest the growth of crude oil supply, so the overall crude oil will continue to operate weakly, and WTI's main short-term is difficult to effectively break through 60 US dollars/barrel. Professionals said that from the import and export data in May, the overall imports fell sharply by 17.6% in May, of which imports of major raw materials such as coal and oil were the main reasons. Combined with the power generation data, it can be concluded that China's manufacturing industry is slowing down. From the perspective of crude oil imports, imports in May fell by 23% month-on-month. On the one hand, China's manufacturing in the peak season fell short of expectation. On the other hand, the rebound in April and May may lead to the suppression of domestic crude oil import demand. Experts predict that the country’s strategic reserves may have reduced its crude oil purchases. Therefore, the current level of oil prices around US$60 will not be able to stimulate China’s import demand with weak economic performance unless the price of oil falls sharply again. From an international point of view, the economic recovery in Europe and the United States has compensated to a certain extent the gap in China's imports, but given that OPEC maintains a constant output quota of 30 million barrels per day, and that the cost of shale oil in the United States has fallen, it is expected that oil prices will In the traditional season of summer consumption, the seasonal decline has reversed. Plastic Injection Mould,Plastic Mold Maker,Rapid Injection Molding,Custom Plastic Moulding Ningbo Zongchi Machinery Technology Co., LTD , https://www.nbdiecastservice.com
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