Report Update: May 1, 2024

China - Crude Oil and Processed Petroleum - Market Analysis, Forecast, Size, Trends And Insights

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Price for Crude Oil and Processed Petroleum in China - 2023

Price for Crude Oil and Processed Petroleum in China (CIF) - 2022

In 2022, the average import price for crude oil and processed petroleum amounted to $683 per ton, surging by 39% against the previous year. Over the period under review, the import price, however, saw a slight slump. The pace of growth appeared the most rapid in 2021 an increase of 48%. The import price peaked at $824 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Angola ($750 per ton), while the price for South Korea ($441 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+8.9%), while the prices for the other major suppliers experienced a decline.

Price for Crude Oil and Processed Petroleum in China (FOB) - 2022

In 2022, the average export price for crude oil and processed petroleum amounted to $885 per ton, growing by 66% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($1,011 per ton), while the average price for exports to South Korea ($638 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+2.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Crude Oil and Processed Petroleum in China

In 2022, approx. 571M tons of crude oil and processed petroleum were imported into China; flattening at 2021. The total import volume increased at an average annual rate of +1.6% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 6.2% against the previous year. As a result, imports attained the peak of 579M tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, crude oil and processed petroleum imports surged to $390.5B in 2022. Over the period under review, imports recorded a buoyant increase. The pace of growth was the most pronounced in 2021 when imports increased by 45% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Import of Crude Oil and Processed Petroleum in China (Billion USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Saudi Arabia	44.6	28.1	44.2	65.0	13.4%
Russia	44.8	29.7	43.8	58.4	9.2%
Iraq	26.5	19.2	26.5	39.1	13.8%
United Arab Emirates	0.5	10.0	16.4	32.6	302.5%
Oman	N/A	12.9	22.5	29.2	50.5%
Kuwait	12.0	9.0	15.3	24.6	27.0%
Malaysia	7.4	5.2	10.1	22.7	45.3%
Angola	25.8	14.2	19.9	22.6	-4.3%
Brazil	21.3	14.3	15.4	18.7	-4.2%
Qatar	1.5	2.0	6.1	9.8	86.9%
Colombia	6.2	3.5	4.3	5.8	-2.2%
South Korea	6.3	5.4	4.9	4.4	-11.3%
Others	67.4	40.0	50.3	57.9	-4.9%
Total	264	194	280	391	14.0%

Top Suppliers of Crude Oil and Processed Petroleum to China in 2022:

Saudi Arabia (87.5M tons)
Russia (86.2M tons)
Iraq (55.5M tons)
United Arab Emirates (43.8M tons)
Oman (39.4M tons)
Malaysia (39.3M tons)
Kuwait (33.3M tons)
Angola (30.1M tons)
Brazil (25.1M tons)
Qatar (17.9M tons)
South Korea (9.9M tons)
Colombia (8.7M tons)

Exports of Crude Oil and Processed Petroleum in China

For the third consecutive year, China recorded decline in overseas shipments of crude oil and processed petroleum, which decreased by -10.2% to 56M tons in 2022. Over the period under review, exports recorded a deep contraction. The smallest decline of -1.3% was in 2021.

In value terms, crude oil and processed petroleum exports surged to $49.7B in 2022. Overall, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +8.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +91.6% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Crude Oil and Processed Petroleum in China (Billion USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	8.8	5.2	5.9	9.8	3.7%
Hong Kong SAR	6.9	4.0	4.7	7.6	3.3%
Liberia	0.7	1.1	1.9	3.2	66.0%
Netherlands	0.7	0.5	0.4	2.7	56.8%
Philippines	3.3	2.7	3.6	2.6	-7.6%
Panama	1.3	1.3	2.0	2.6	26.0%
Bangladesh	0.9	0.8	1.3	2.2	34.7%
Malaysia	1.3	1.4	1.5	2.1	17.3%
Pakistan	N/A	0.2	1.6	2.0	216.2%
Australia	2.4	1.4	1.5	1.8	-9.1%
Marshall Islands	0.4	0.5	1.0	1.4	51.8%
Vietnam	1.4	0.5	0.4	1.1	-7.7%
South Korea	2.0	1.3	1.7	1.1	-18.1%
Others	8.5	5.1	6.1	9.5	3.8%
Total	38.7	26.0	33.3	49.7	8.7%

Top Export Markets for Crude Oil and Processed Petroleum from China in 2022:

Singapore (10.8M tons)
Hong Kong SAR (8.6M tons)
Liberia (4.1M tons)
Panama (3.4M tons)
Philippines (2.7M tons)
Netherlands (2.7M tons)
Malaysia (2.6M tons)
Bangladesh (2.3M tons)
Pakistan (2.0M tons)
Australia (1.8M tons)
Marshall Islands (1.8M tons)
South Korea (1.7M tons)
Vietnam (1.1M tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for crude oil and processed petroleum in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

China

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in China
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023