2023年中国成品油行业运行特点与近期展望OACHSSCDCSTPCD

In 2023,China's refining capacity reached a new high,with refinery start-up rate rebounding and refined oil product output growing significantly.Refined oil product consumption recovered to the pre-pandemic level with differences in the recovery rhythm of different varieties and the aviation kerosene consumption recovered significantly.The refined oil product consumption structure changed significantly with the difference between supply and demand expanding.In the background of high and wide oscillation of the international crude oil price,the wholesale price of refined oil products grew modestly and the commercial inventory of refined oil products showed"gas drop and diesel rise"with the strong demand for oil depot construction.Refined oil imports fell sharply,Russia became the main source of China's refined oil imports,and the export volume of refined oil products continued to increase,mainly to Singapore.A number of market-specific remediation programs were introduced to standardize the operation of the refined oil market and promote the high-quality development of the industry.In 2024,the regulation of China's refined oil products market will continue to improve,the refining industry will continue to expand,the output of refined oil products will continue to grow,the consumption of refined oil products will return to the low-speed growth channel,and the risks in the refined oil products market will continue to intensify with a wide range of oscillations of international crude oil prices.