The Great Transformation Of China's Crude Oil Import Patterns
- Sep 06, 2018 -

By comparing the sources of crude oil imports in 2008 and 18, we can clearly see that the sources of crude oil imports in 2008 were relatively concentrated, with imports from Saudi Arabia, Russia, Angola, Iran and Oman accounting for 66 % of the total imports.  By 2018, the core source of imports had spread from the five countries mentioned above to more than 10 countries, and the proportion of imports among countries had been further decentralized, falling to 55 % of the top five countries, especially to countries in the Middle East. Reduce risk factors on the supply side as much as possible.
After the right to import crude oil from open areas in 2015, the import of crude oil from local refineries became the largest incremental factor in the world during this period, and the data show that the source structure of crude oil import from the ground is quite different from that of China as a whole. In the first place, the largest areas of crude oil refining imports are concentrated in the South American region, represented by Venezuela and Brazil, accounting for nearly one-third of the total, and heavy oil raw materials account for the main proportion, which is also related to the general use of inferior raw materials for processing in the history of ground refineries. Second, Russian and African crude oil is also very popular with ground refineries. In the Middle East, where China imports a large amount of land refining enterprises import relatively small amounts. In the later period, as the upgrading of the refinery extends, its oil demand tends to be light, and the import source is expected to continue to change.