China: Crude Oil Market 2024

Crude Oil Market Size in China

The Chinese crude oil market surged to $X in 2022, increasing by X% against the previous year. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Crude Oil Production in China

In value terms, crude oil production declined to $X in 2022 estimated in export price. In general, production, however, continues to indicate a deep reduction. The pace of growth was the most pronounced in 2018 with an increase of X%. Crude oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Crude Oil Exports

Exports from China

In 2022, shipments abroad of crude petroleum oil decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, crude oil exports soared to $X in 2022. In general, exports showed a perceptible decline. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons), Malaysia (X tons) and Myanmar (X tons) were the main destinations of crude oil exports from China, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Myanmar (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude oil exported from China were Malaysia ($X), South Korea ($X) and Myanmar ($X), together accounting for X% of total exports.

Myanmar, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, recorded a pronounced curtailment. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to South Korea ($X 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 the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Oil Imports

Imports into China

In 2022, overseas purchases of crude petroleum oil decreased by X% to X tons, falling for the second year in a row after nine years of growth. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude oil imports surged to $X in 2022. Overall, imports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Saudi Arabia (X tons), Russia (X tons) and Iraq (X tons) were the main suppliers of crude oil imports to China, with a combined X% share of total imports. The United Arab Emirates, Oman, Malaysia, Kuwait, Angola, Brazil and Iran lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crude oil suppliers to China were Saudi Arabia ($X), Russia ($X) and Iraq ($X), together accounting for X% of total imports. The United Arab Emirates, Oman, Kuwait, Angola, Malaysia, Brazil and Iran lagged somewhat behind, together comprising a further X%.

The United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, surging by X% against the previous year. Overall, the import price, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United Arab Emirates ($X per ton) and Angola ($X per ton), while the price for Malaysia ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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