In the past six months or so, international oil prices have continued to rise. Some media statistics pointed out that in the week from the end of June to the beginning of July (June 29 to July 5), international oil prices continued to rise, with WTI crude oil futures prices once soaring to $76.98, hitting the highest point in the past six years.
Analysis pointed out that in the context of soaring international oil prices, Chinese buyers naturally do not want to be “taken advantage of” and have reduced their imports of high-priced crude oil.
According to the latest report on July 13, in June 2021, Chinese buyers imported 40.14 million tons of crude oil, with an average of about 9.77 million barrels per day. So far, from January to June this year, my country has imported a total of 260.66 million tons of crude oil, down 3% compared with the same period last year. What needs to be known is that this is the first time in the past eight years (2013) that my country’s crude oil imports have contracted in the same period.
my country’s reduction in imported crude oil does not mean that there will be problems with domestic oil supply, because my country’s crude oil supply is still guaranteed.
For example, when global oil prices were at a low last year, Chinese buyers snapped up overseas low-priced oil on a large scale, causing my country’s crude oil imports to reach 12.9 million barrels per day in June last year. . In other words, the oil that Chinese buyers snapped up at that time could effectively meet domestic demand in the short term.
However, in the context of fluctuations in the global crude oil trade pattern, my country’s dependence on imported crude oil continues to increase. How to ensure domestic supply has become a key issue for my country’s oil industry.
According to official data, my country’s dependence on imported oil will rise to 73% in 2020. In order to alleviate this situation, Chinese companies have been increasing their exploration and development efforts. For example, in late June, PetroChina discovered a 1-billion-ton oil and gas field in China; the company also stated that with the discovery of super-large oil fields one after another, the domestic oil exploration industry is ushering in a new period of development.
In addition, the development of my country’s oil industry is also “protected” at the national level. In the second half of 2020, relevant national departments issued guidance, clearly stating that the country will promote oil exploration and development, increase investment in key oil and gas basins and unconventional oil and gas resources, and promote stable and increased domestic oil and gas production. </p