General Administration of Customs: in the first 11 months, China imported 462 million tons of crude oil, an increase of 10.5%. The average import price was 3273.5 yuan per ton, down 5.1%.
Data shows that China imported 45.74 million tons of crude oil in November and 45.51 million tons in October.
General Administration of Customs: in the first 11 months, the import of refined oil was 27.25 million tons, down 10.6%. The average import price was 3833.1 yuan per ton, down 3.4%.
Data shows that China imported 2.4 million tons of refined oil in November and 2.22 million tons in October;
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In addition, according to the General Administration of customs, China imported 1.06 million tons of fuel oil in November and 944000 tons in October.
General Administration of Customs: in 2018, 462 million tons of crude oil were imported.
In the first 11 months of this year, China’s import of crude oil has reached 462 million tons, the same period last year. It is estimated that the import of crude oil will reach 511 million tons in 2019, breaking through 500 million tons.
Based on the average import price of 3273.5 yuan per ton in the previous 11 months, the annual crude oil import amount will reach 1672.758 billion yuan, equivalent to 238.965 billion US dollars (the exchange rate is calculated by 1:7).
Such a large-scale crude oil import and trade amount pose a challenge to China’s energy security.
Based on the 511 million tons of crude oil imported in the whole year, let’s make a simple calculation.
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With 1 ton of medium crude oil = 7.3 barrels, 5.11 * 7.3 = 3.730 billion barrels of crude oil need to be imported in the whole year. On average, 10.22 million barrels of crude oil need to be imported every day in the whole year (365 days), which is indeed a large number, accounting for about 10% of global oil production. According to the EIA report in November, global crude oil supply increased by 1.5 million barrels / day to 101 million barrels / day in October.
Let’s compare the crude oil imports of 10.22 million barrels / day. According to OPEC’s November report, Saudi Arabia reported a crude oil output of 10.303 million barrels per day in October, which means Saudi Arabia, the world’s third largest oil producer, has just enough oil output to meet China’s oil imports.
From this point of view, there is still a long way to go for the strategic adjustment of our energy structure, especially for non fossil renewable energy and clean energy.
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