China Energy Data Report (2021) – Oil

China Energy Data Report (2021) was launched recently, marking the sixth consecutive year that China Energy Information Research Center has published a report on China’s energy data.

The report describes China’s energy development with a large number of charts and data (available in the Chinese version of this article)

Here presents a summary of the third chapter.

Crude oil supply and demand

01 Oil consumption increased steadily

02 Crude oil production continues to recover

03 Crude oil imports grew rapidly

Supply and demand of refined oil products

01 The difference between production and demand of refined oil products narrowed

02 The export pressure of refined oil is increasing

03 The adjustment of refined oil price has made

Petroleum storage and transportation

Oil policy

01 Open the oil and gas exploration and exploitation market to the full extend

02 The Resource Tax Law was formally implemented to reduce and exempt oil and gas resource tax

03 The entry threshold of the industry of the petroleum products was lowered comprehensively

04 The export rights of the refined petroleum products were given to the industry again