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       According to data released by the General Administration of Customs, the cumulative import of crude oil in 2023 was 563.994 million tons in China, a year-on-year increase of 11.00%, equivalent to a daily import of 11.28 million barrels, breaking the historical record of 10.81 million barrels per day set in 2020. The strong import of crude oil is mainly due to the recovery of domestic passenger traffic in 2023, which has increased the demand for energy.
       From January to November 2023, the import volume of diluted bitumen used as feed materials in China was 12 million tons, a year-on-year decrease of 21%. The average monthly import volume was 1.09 million tons, which was 1.41 million tons in 2022. Due to the unstable supply of diluted bitumen and limited import quotas of crude oil, domestic local refineries increased fuel oil imports in 2023 to supplement the shortage of raw material supply of bitumen. From January to November
2023, the cumulative arrival volume of fuel oil for processing in Shandong and Tianjin refinery ports was close to 11 million tons, while in the same period of 2022, it was only about 1.13 million tons.
     In 2023, the production capacity of Chinese refineries further increased, with a net annual growth of 5 million tons and a total production capacity of 953 million tons per year. It is expected that the refining capacity of domestic refineries will reach 970 million tons by 2024, and by 2026, the peak production capacity of domestic refineries will reach 1 billion tons. In 2023, gasoline production will be around 161 million tons and total diesel
production is around 218 million tons; Production of jet fuel is close to 50 million tons. According to institutional predictions, domestic refined oil production will continue to rise in 2024.
      In November 2023, the National Energy Administration issued a notice on organizing pilot demonstrations for the promotion and application of biodiesel. On March 22, 2024, the revision of the B5 national standard was launched, and National Energy Administration announced the pilot promotion and application of biodiesel on April 2. It is expected that in a certain period of time in the future, B24 bio ship refueling may become the main driving force for biodiesel consumption, and the consumption of biodiesel in China will significantly increase.
What changes will occur in international oil and gas trade in
2024? What are the impacts of the Russia-Ukraine conflict, the Palestinian Israeli situation, and the Red Sea dispute on the resource supply side? Can the excellent export performance of MTBE, biodiesel and other products in the past two years continue? What impact will the operation of new large-scale refining and chemical enterprises have on China's refining industry?
     On June 18-19, 2024, Enmore will hold the "2024 25th China Oil Trading Conference" in Shanghai, gathering domestic, import and export resources such as crude oil, fuel oil, diluted bitumen, gasoline and diesel, jet fuel, marine fuel oil, MTBE, biodiesel, etc. We will invite more than 400 guests from domestic and foreign enterprises to attend the conference and discuss the new development of oil trading in China!