Oil Import and Export in China

Domestic economic growth slowed down and supply exceeded demand in oil market in 2015, so the growth of refineries’ processing volume was limited. Nevertheless, the gradual decontrol of market and the storage requirement under low oil price, crude oil imports hit a record high of 335.5 million tons, with the growth rate approximating 9%. Refined oil exports soared and imports decreased, which made China become a net refined oil exporter for the first time for 24 years, and net imports reached 6.22 million tons. Robust requirement on chemical raw materials propelled imported liquefied petroleum gas market to go on expanding. Imports exceeded 12 million tons in 2015, thus China leaped into the world’s largest liquefied petroleum gas importer. In 2016, oil consumption growth would be kept at lower level. However, China would further decontrol crude oil import and refined oil export permits and put incremental storage capacity into use. Therefore, crude oil imports would continue to rise up, and refined oil exports may hit a new historic high. Imported liquefied petroleum gas market will enter into a stage of stable growth after two years’ rapid development.