Demand for refined oil set to increase by 3 percent in 2018, says Sinopec report

Updated 2018-02-02 10:41:02

China's refined oil products may see demand rise by 3 percent in 2018, according to an industry report by oil and gas giant Sinopec.

Sinopec issued China's first blue book on the petroleum industry in cooperation with the Chinese Academy of Social Sciences on Thursday.

The domestic market demand for refined oils improved marginally in 2017, with consumption of 320 million tons and a year-on-year increase of 2.8 percent, the report said.

The first blue book by a Chinese oil firm fills a gap and brings the viewpoint of a Chinese oil company on the domestic and global oil market.

In 2017, China imported 8.43 million barrels of crude on a daily basis, increasing 10 percent year-on-year and surpassing the US, driving the centre of global oil trading activity to Asia.

Following a perceived decline in imports from the Middle East, the US and Brazil will grow into important sources of crude imports for China, while Russia is set to remain the largest source, according to the report.

The refining capacity of the three oil majors including Sinopec decreased from 83 percent in 2007 to 66 percent in 2017, with the gap filled by smaller State-owned firms and private refineries, the report said.

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