Crude oil products play an important role in the development of social economy. Crude oil products are the main energy suppliers, which rely on crude oil to provide energy in transportation, industry and construction. Global oil resources are mainly concentrated in North America and the Middle East. In 2018, the oil production in the Middle East was 1.49 billion tons, accounting for 33.3% of the global oil production, followed by North America, with 1.027 billion tons of oil production, accounting for 23%. The scale of oil production in the Asia Pacific region is relatively small, with 362 million tons of oil production in 2018, including 189 million tons in China.

Distribution pattern of global oil production in 2018

China's crude oil resources are mainly concentrated in eight major basins: Bohai Bay, Songliao, Tarim, Ordos, Junggar, Pearl River mouth, Qaidam and East China Sea shelf. On the whole, China's crude oil resources are not rich, resulting in low crude oil production and supply scale.

Since 2016, China's crude oil production has fallen below 200 million tons and continued to decline. As of 2018, China's crude oil production has dropped to 189 million tons, 11.94% lower than the peak in 2015. With the gradual progress of the "seven year action plan" formulated by the State Energy Administration in 2019, China's crude oil production will stop falling and rise to 191 million tons in 2019, but still lower than 200 million tons.

Statistics of China's crude oil production in 2013-2019

The Asia Pacific region is the major oil consumption region in the world, and China accounts for nearly 40% of the oil consumption in the Asia Pacific region. Due to the low crude oil production and high consumption in China, China's dependence on crude oil consumption and import has been high.

Distribution pattern of global oil consumption in 2018

China has become the world's largest crude oil importer for the third consecutive year. In 2019, China's crude oil import exceeded 500 million tons, an increase of 9.49% compared with that in 2018, and the import amount rose to 241.319 billion US dollars.

Statistics of China's crude oil import volume and import amount from 2013 to 2019

From the data of importing countries, China's crude oil imports come from 43 countries and regions in 2019, and the crude oil import concentration is further improved. In 2019, Saudi Arabia surpassed Russia to become China's largest crude oil supplier, with a total annual import of 92.8544 million tons, accounting for 18.36%; Russia, which has continued to be a crude oil exporter to China for five years, has maintained a certain increase in supply during the year, but the growth trend lags behind Saudi Arabia, ranking second, with a total import volume of 75.8506 million tons, accounting for 15%; Iraq's supply is basically stable , ranking the third in the year, the total import volume was 57.663 million tons. It accounted for 11.40%; Angola's supply also showed a certain reduction, with a total of 49.3167 million tons, accounting for 9.75%.

Statistics of China's major crude oil importers in 2019

In the past two years, China's crude oil export volume has declined rapidly. As of 2019, China's crude oil export volume reached 810000 tons, down 69.2% compared with that in 2018.

Statistics of China's crude oil export volume and export amount in 2013-2019

Affected by the fluctuation of WTI crude oil price, the average price of China's crude oil import and export is on the downward trend as a whole. In 2019, the average price of China's crude oil import is 477.18 US dollars / ton, a year-on-year decrease of 8.26%, and the average price of crude oil export is 446.62 US dollars / ton, a year-on-year decrease of 7.54%.

Trend of China's crude oil import and export average price in 2013-2019

Since 2016, domestic crude oil production has shown a downward trend, while crude oil import has maintained a high growth rate, which makes China's dependence on foreign crude oil rise rapidly. In 2019, China's apparent crude oil consumption was 695.92 million tons, an increase of 7.33% compared with 648 million tons in 2018. From 2013 to 2019, the compound growth rate of China's apparent crude oil consumption was 6.08%.

Statistics of China's crude oil apparent consumption in 2013-2019

In 2018, China's external dependence on crude oil exceeded 70%. Due to the limitation of domestic crude oil production and the continuous expansion of downstream consumption market, the scale of China's crude oil import was further expanded. By 2019, China's dependence on foreign crude oil rose to 72.6%.

China's dependence on foreign crude oil in 2013-2019

Although China's other energy development has made considerable development in recent years, but overall, crude oil is still the main energy supply in China. Improving crude oil production capacity and reducing the import scale is the key to the development at this stage. China's crude oil supply is concentrated in "three barrels of oil", and PetroChina accounts for most of the proportion. In 2018, PetroChina's crude oil production accounted for 52%, Sinopec and CNOOC both accounted for 19%.

Distribution of domestic crude oil production in 2018

Leading enterprises take the lead in increasing reserves and production, which can effectively and intuitively improve the current situation of China's crude oil production capacity. In 2019, the "three barrels of oil" achieved many achievements in the field of crude oil exploration, effectively improving the proven reserves of China's crude oil, and providing a good foundation for future crude oil exploitation.

On the other hand, private enterprises improve the industrial structure, enhance the refining and chemical integration ability, greatly improve the utilization rate of crude oil products, and improve the overall use efficiency of China's crude oil products. At the same time, in December 2019, "opinions of the CPC Central Committee and the State Council on creating a better development environment to support the reform and development of private enterprises" proposed to support private enterprises to enter the fields of oil and gas exploration and development, refining and marketing, and build infrastructure such as crude oil, natural gas, refined oil storage and transportation and pipeline transportation. It has greatly opened the market competition vitality of China's crude oil industry and effectively ensured that China's crude oil industry will maintain a good competitive environment in the future development process.Crude oil products play an important role in the development of social economy. Crude oil products are the main energy suppliers, which rely on crude oil to provide energy in transportation, industry and construction. Global oil resources are mainly concentrated in North America and the Middle East. In 2018, the oil production in the Middle East was 1.49 billion tons, accounting for 33.3% of the global oil production, followed by North America, with 1.027 billion tons of oil production, accounting for 23%. The scale of oil production in the Asia Pacific region is relatively small, with 362 million tons of oil production in 2018, including 189 million tons in China.

Distribution pattern of global oil production in 2018

China's crude oil resources are mainly concentrated in eight major basins: Bohai Bay, Songliao, Tarim, Ordos, Junggar, Pearl River mouth, Qaidam and East China Sea shelf. On the whole, China's crude oil resources are not rich, resulting in low crude oil production and supply scale.

Since 2016, China's crude oil production has fallen below 200 million tons and continued to decline. As of 2018, China's crude oil production has dropped to 189 million tons, 11.94% lower than the peak in 2015. With the gradual progress of the "seven year action plan" formulated by the State Energy Administration in 2019, China's crude oil production will stop falling and rise to 191 million tons in 2019, but still lower than 200 million tons.

Statistics of China's crude oil production in 2013-2019

The Asia Pacific region is the major oil consumption region in the world, and China accounts for nearly 40% of the oil consumption in the Asia Pacific region. Due to the low crude oil production and high consumption in China, China's dependence on crude oil consumption and import has been high.

Distribution pattern of global oil consumption in 2018

China has become the world's largest crude oil importer for the third consecutive year. In 2019, China's crude oil import exceeded 500 million tons, an increase of 9.49% compared with that in 2018, and the import amount rose to 241.319 billion US dollars.

Statistics of China's crude oil import volume and import amount from 2013 to 2019

From the data of importing countries, China's crude oil imports come from 43 countries and regions in 2019, and the crude oil import concentration is further improved. In 2019, Saudi Arabia surpassed Russia to become China's largest crude oil supplier, with a total annual import of 92.8544 million tons, accounting for 18.36%; Russia, which has continued to be a crude oil exporter to China for five years, has maintained a certain increase in supply during the year, but the growth trend lags behind Saudi Arabia, ranking second, with a total import volume of 75.8506 million tons, accounting for 15%; Iraq's supply is basically stable , ranking the third in the year, the total import volume was 57.663 million tons. It accounted for 11.40%; Angola's supply also showed a certain reduction, with a total of 49.3167 million tons, accounting for 9.75%.

Statistics of China's major crude oil importers in 2019

In the past two years, China's crude oil export volume has declined rapidly. As of 2019, China's crude oil export volume reached 810000 tons, down 69.2% compared with that in 2018.

Statistics of China's crude oil export volume and export amount in 2013-2019

Affected by the fluctuation of WTI crude oil price, the average price of China's crude oil import and export is on the downward trend as a whole. In 2019, the average price of China's crude oil import is 477.18 US dollars / ton, a year-on-year decrease of 8.26%, and the average price of crude oil export is 446.62 US dollars / ton, a year-on-year decrease of 7.54%.

Trend of China's crude oil import and export average price in 2013-2019

Since 2016, domestic crude oil production has shown a downward trend, while crude oil import has maintained a high growth rate, which makes China's dependence on foreign crude oil rise rapidly. In 2019, China's apparent crude oil consumption was 695.92 million tons, an increase of 7.33% compared with 648 million tons in 2018. From 2013 to 2019, the compound growth rate of China's apparent crude oil consumption was 6.08%.

Statistics of China's crude oil apparent consumption in 2013-2019

In 2018, China's external dependence on crude oil exceeded 70%. Due to the limitation of domestic crude oil production and the continuous expansion of downstream consumption market, the scale of China's crude oil import was further expanded. By 2019, China's dependence on foreign crude oil rose to 72.6%.

China's dependence on foreign crude oil in 2013-2019

Although China's other energy development has made considerable development in recent years, but overall, crude oil is still the main energy supply in China. Improving crude oil production capacity and reducing the import scale is the key to the development at this stage. China's crude oil supply is concentrated in "three barrels of oil", and PetroChina accounts for most of the proportion. In 2018, PetroChina's crude oil production accounted for 52%, Sinopec and CNOOC both accounted for 19%.

Distribution of domestic crude oil production in 2018

Leading enterprises take the lead in increasing reserves and production, which can effectively and intuitively improve the current situation of China's crude oil production capacity. In 2019, the "three barrels of oil" achieved many achievements in the field of crude oil exploration, effectively improving the proven reserves of China's crude oil, and providing a good foundation for future crude oil exploitation.

On the other hand, private enterprises improve the industrial structure, enhance the refining and chemical integration ability, greatly improve the utilization rate of crude oil products, and improve the overall use efficiency of China's crude oil products. At the same time, in December 2019, "opinions of the CPC Central Committee and the State Council on creating a better development environment to support the reform and development of private enterprises" proposed to support private enterprises to enter the fields of oil and gas exploration and development, refining and marketing, and build infrastructure such as crude oil, natural gas, refined oil storage and transportation and pipeline transportation. It has greatly opened the market competition vitality of China's crude oil industry and effectively ensured that China's crude oil industry will maintain a good competitive environment in the future development process.