Multiple factors contribute to the continued growth of imported crude oil in Guangdong

The macroeconomic recovery, continued profitability of refineries, and the gradual start-up of the country’s second-phase oil reserve plan have contributed to the continued growth in crude oil imports through Guangdong ports this year.

Statistics from Guangzhou Customs show that from January to July of this year, crude oil imported through the Guangdong port totaled 23.7 million tons, up 28.1% from the same period of last year, with a value of US$13.19 billion, a substantial increase of 94.1%; the average price was US$556.6 per ton, an increase of 51.5%.

The Middle East and Africa are major sources of imported crude oil in Guangdong. From January to July, Guangdong imported a total of 8.48 million tons of crude oil from African countries, an increase of 63.4%, accounting for 37.8% of the total imports of crude oil at the Guangdong port during the same period, of which, 3.978 million tons and 2.507 million tons were imported from Angola and Sudan, respectively. Growth of 70.6% and 25.3%.

Customs analysis believes that since the beginning of this year, with the sustained economic recovery in Guangdong Province, the demand for crude oil has grown rapidly. Benefit from the series of economic stimulus policies adopted by the country to actively respond to the international financial crisis, such as the automobile industry development plan and the automobile to the countryside, directly promoting the rapid increase in the supply and demand of automobile output in Guangdong Province, resulting in an increase in the consumption of petroleum products. According to statistics, in the period from January to July, 18150 vehicles were imported from Guangdong Province, a year-on-year increase of 80.1%.

In addition, the expansion of energy refining is also one of the reasons for the growth of crude oil imports. Since last year, CNOOC has built 12 million tons of projects in Huizhou City, Guangdong Province, into full-scale production. At the same time, according to the national plan, China will build eight second-phase strategic oil reserves. The bases, including Zhanjiang and Huizhou in Guangdong Province, directly contributed to the increase in demand for crude oil.

However, the customs also reminded that at present, companies should pay attention to the trend of international oil prices. At present, the turbulence in the Middle East, Iran, and Central Asia has brought many uncertainties to the prices of commodities in the future, which may raise the price of oil.