Market trends and economic operation

Crude oil production and consumption:In recent years, China's petrochemical industry has developed rapidly, and the growth rate of crude oil production has changed from negative to positive. According to the data of the China Petroleum and Chemical Industry Federation, in 2023, China's crude oil production is 208 million tons, and the output of refined oil products is more than 400 million tons, but the consumption is only about 360 million tons, and the production is greater than the market demand. (Source: China Petroleum and Chemical Industry Federation)

Industry challenges: Despite the growth of production, China's crude oil dependence is still more than 70%, and there are certain energy security problems. At the same time, in the context of global energy transformation, the structural contradictions of China's chemical industry are obvious, and it is necessary to further deepen the structural adjustment of "reducing oil and increasing" and "reducing oil and increasing special". (Source: China Petroleum and Chemical Industry Federation)

Economic environment: In the first half of the year, the world economy recovered from difficulties, and the Chinese economy continued to maintain a sound momentum of stability. The economic operation of the petrochemical industry is generally better than the same period last year, but the benefit is not as expected. The petrochemical industry achieved operating revenue of 8 trillion yuan in the first half of the year, up 5.1 percent year on year, but profits fell 1.6 percent year on year. (Source: China Petroleum and Chemical Industry Federation)