China's Crude Oil and Natural Gas Imports Increased in the First Half of the Year

China imported 269 million tons of crude oil and 48.35 million tons of natural gas in the first half of this year, up 9.9 percent and 3.3 percent respectively from the same period last year, according to data released by the General Administration of Customs on July 14.

Imports and exports of refined oil products were 16.9 million tons and 33.76 million tons, up 0.7% and 3.8% from the same period last year, respectively.

Since the beginning of the year, the global pandemic of COVID-19, the weakening economy and the decline in oil and gas consumption have put pressure on both ends of the world oil market.

Restar expects oil demand in 2020 to be 10.8 per cent lower than in 2019. As the world's largest energy consumer, China as a whole to promote the epidemic prevention and control and all work of the economic and social development.Under the premise that the situation of epidemic prevention and control continues to improve, the resumption of work, production, business and market recovery is accelerating. In the first half of the year, China's economy first fell and then rose, and the economic growth in the second quarter turned from negative to positive, main indicators restorative growth, steady recovery of economic operation, and the overall positive market expectations, provides a strong boost to global industrial chain supply chain stability returns.

China's main refinery operation rate has risen from 68.21 percent in mid-March to more than 80 percent now, according to Lonsun.

In terms of natural gas, statistics from Zhongyu Information show that China's apparent consumption in the first five months of this year was 135 billion cubic meters, up 7.87 percent year on year.

With the resumption of production in March, the consumption of natural gas gradually picked up, and the overall development of the natural gas market is more optimistic.

In terms of refined oil products, data from Lonzhong showed that the average import profit of gasoline and diesel rose sharply this year. Due to the impact of the plunge in international oil prices and the epidemic in mid-March, the spot price of overseas gasoline and diesel oil was at a low level, with a decline far greater than that of domestic gasoline and diesel prices, so the import arbitrage of gasoline and diesel oil rose sharply in the short term.