Industry Analysis & Industry Trends
The Crude Oil and Natural Gas Mining industry in China developed rapidly through 2008. Greater investment by the industry, a favorable regulatory environment and rising international crude oil prices positively affected the industry's revenues and profits through 2008. However, a major fall in international crude oil prices at the end of 2008 resulted in a large decline in industry revenue in 2009.
As domestic demand increased strongly, industry revenue surged from $108.9 billion in 2006 to $148.8 billion in 2008. In 2009, lower demand due to the global recession and lower crude oil prices resulted in industry revenue dropping by 31.0% to $102.7 billion. In 2010, with the slow recovering of the global economy, demand for crude oil and natural gas increased gradually.... purchase to read more
Industry Report - Industry Products Chapter
Crude oil is the largest product segment in the industry. This product is expected to make up of 74.5% of total industry output in 2011. The sweet and heavy crude oil produced by many oil fields in China is refined and used as fuels for commercial and domestic purposes, and for steam power stations.
The Middle East and Russia are the major crude oil production areas in the world and are the major crude oil exporters to China. High-sulfur oil is the key product in these two areas. With China's dependence on foreign crude oil increasing, the importation of crude oil will continue to increase in the future. As the price of low-sulfur oil is always higher than the price of high-sulfur oil, growth in imports will increase costs for downstream industries... purchase to read more