Sinopec Economic and Technical Research Institute predicts that in 2014, the growth rate of China's oil market will increase slightly, and refined oil resources will remain oversupplied; ethylene demand will continue to grow, and some of the composite and organic products will continue to have excess capacity.
According to reports, the China Petroleum and Chemical Research Institute recently released the "Annual Analysis of the Petroleum and Petrochemical Market." The report believes that China's economy will remain stable in 2014, and it is expected that the growth rate will be basically the same as or slightly lower than in 2013. In the year, China’s overall oil consumption was approximately 530 million tons, a year-on-year increase of 4%, and the growth rate was slightly higher than in 2013; the growth rate of refined oil demand is expected to be around 5%.
From the perspective of suppliers, in 2014, the nation's refining capacity increased by approximately 35 million tons, including major petrochemical companies such as Sichuan Petrochemical and Quanzhou Petrochemical. China's crude oil processing volume is expected to reach 520 million tons throughout the year, and the Chinese refined oil market will remain in a surplus situation.
Regarding the petrochemical market in 2014, Mao Jiaxiang, vice president of the Research Institute of Economic and Technical Research of China Petrochemical Corporation, believes that the production capacity of most petrochemical products will also maintain rapid growth, and there are clear signs of overcapacity in some products.
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