According to Mao Jiaxiang, vice president of Sinopec Research Institute of economics and technology introduction

According to Mao Jiaxiang, vice president of Sinopec Research Institute of economics and technology introduction, since 2010, China’s average annual growth rate of oil consumption has been reduced to 4.2%. which, in 2015 China’s diesel consumption has reached a peak, is expected in 2025 and 2035 gasoline consumption and aviation kerosene consumption will have reached the peak.

In the supply market, at present, China’s oil refining capacity of more than 7 tons of excess capacity, and “13th Five-Year” during the refining capacity will be further expanded. This means that the problem of excess refining capacity will be further highlighted.

China National United Oil Corp President Zhao Yong at the fifth session of China international oil trade conference said, in fact, the first three quarters of this year China’s oil export volume has exceeded last year’s total. At present, China’s refined oil mainly exports to Southeast Asia, are also part of the flow of resources in Australia and South america.

Zhao Yong, China’s refining capacity in 2015 reached 7.3 tons per year, or in 2020 to achieve 8 tons per year, the annual production capacity of approximately 80 million tons of excess. Under this background, China’s exports of refined oil and is expected to continue to expand.