China Petrochemical Association Report Reports July Domestic Crude Oil Production Increase by 5%
According to a recent analysis report jointly released by China National Petroleum Corporation and the Chemical Industry Association, the petrochemical industry maintained a positive economic performance in July, with robust growth in both production and exports. Notably, China's crude oil output saw its highest increase of the year, reaching 5% for the month.
Throughout July, domestic crude oil producers worked efficiently to meet market demand. The country produced 16.17 million tons of crude oil during the month, marking a 5% year-on-year increase—the largest monthly rise so far this year. From January to July, total crude oil output reached 110 million tons, reflecting a 2.2% annual growth. Refining companies also operated at full capacity, processing 200 million tons of crude oil from January to July, an increase of 5.8%. Meanwhile, refined oil production hit 120 million tons, up by 6.9% year-on-year.
The report highlights that rising international crude oil prices remain a key concern for the industry, as they are driving up production costs and pushing product prices higher. Despite this, the pressure from price increases in the domestic petroleum and chemical products market has started to ease slightly.
Among the 168 types of petrochemical products monitored by the association, 135 saw price increases, representing 80.4% of the year-on-year growth—an increase of about 10 percentage points compared to the first half of the year. Thirty products experienced price declines (17.8%), while three remained stable (1.8%). This trend suggests a gradual shift in market dynamics, with some sectors showing signs of stabilization amid ongoing global price fluctuations.
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