It is customary to call unprocessed oil crude oil.A dark brown viscous oily liquid with green fluorescence and special smell, which is a mixture of various liquid hydrocarbons such as alkanes, cycloalkanes, aromatic hydrocarbons and olefins.
The main components are carbon and hydrogen, accounting for 83~87% and 11~14% respectively;There are also a small amount of sulfur, oxygen, nitrogen and trace amounts of phosphorus, arsenic, potassium, sodium, calcium, magnesium, nickel, iron, vanadium and other elements.The specific gravity is 0.78~0.97, the molecular weight is 280~300, and the freezing point is - 50~24 ℃.Through refining and processing, crude oil can obtain various fuel oil, solvent oil, lubricating oil, grease, paraffin, asphalt, liquefied gas, aromatics and other products, providing fuel, raw materials and chemical products for various sectors of the national economy.[1]
On October 27, 2017, the list of carcinogens released by the International Agency for Research on Cancer of the World Health Organization (WHO) was preliminarily sorted out for reference, and crude oil was included in the list of three types of carcinogens.[4]
In 2023, China's crude oil output will be 209026000 tons, an increase of 2.1% over the previous year.[11]
China is the first country in the world to discover and apply oil. Shen Kuo, a famous scholar in the Song Dynasty, put forward extremely outstanding opinions on ancient geology and paleontology of China.His opinion was earlier than that of Western European scholars who first recognized that fossils were biological remains.When Shen Kuo was ordered to visit West Hebei Road, he found that there were many shells of snails and clams and stones like birds' eggs between the cliffs of Taihang Mountain, thus inferring that this was the beach of the Archaean era, which was formed by the accumulation of seashore shells and silt, and correctly inferring the changes of sea and land based on the remains of paleontology.Shen Kuo named Zhiyanzhou (today's Yan'an).During his tenure, he discovered and investigated the oil deposits and uses in Luyan.He said, "There is oil in Luyan. It is said that Gaonu County produces fat water, which is also the case. Born on the water border, sand and stone are mixed with spring water, which is bludgeoned out. The natives use the tail of a pheasant to collect it. It is like pure lacquer, burning like hemp, but the smoke is very thick, and all the tents stained with it are black.It is doubted that its smoke is usable. Try to sweep its coal to make it look like ink. The black light is like paint, and the loose ink is inferior to it. The Tao is great for it, and its text is' Yanzhou Stone Liquid '.This item will be widely used in the world after it is given.At most, it can be covered with oil. It is born in the earth endlessly. It is not like the pine that is exhausted from time to time. "
From the above records, Shen Kuo not only discovered oil but also knew its use.Although his so-called use was focused on the manufacture of smoke and ink at that time, he did predict that "this thing will be widely used in the world after it", and this foresight was verified today.Today, the word "oil" was also used by him, and he wrote one of the earliest "oil poems" in China - Yanzhou Poems: Erlang Mountain was snowing, and Xuanzhuo Qionglu was learning from the Cypriots.It is not old in winter after all the clothes have been changed, and the oil is like Luoyang dust.
development history
Man officially entered the oil age in 1867.In this year, the proportion of oil in the primary energy consumption structure reached 40.4%, while the proportion of coal dropped to 38.8%. Oil is the blood of industry. Since the founding of the People's Republic of China, China's society has moved rapidly from an agricultural economy to an industrial economy, and the demand for energy has risen steadily.Oil consumption jumped from more than 1 million tons at the beginning of the founding of the People's Republic of China to 490 million tons in 2012. The latter is nearly 500 times the former, ranking second in the world.
Oil and gas resources support the rapid development of China's economy.The growth of oil demand and the expansion of oil trade result from the large-scale use of oil in industrial production.Before World War I, oil was mainly used for lighting. The major oil producing countries, the United States and Russia, were also major consumers.In World War I, the strategic value of oil has initially emerged. Because of the high efficiency and portability of oil combustion, it is of great strategic significance for the improvement of military combat effectiveness.
In the 1920s, as oil became the power of internal combustion engines, oil demand and trade expanded rapidly.According to Wang Yadong's statistics, the oil trade volume had reached 1.17 billion US dollars by 1929.During this period, the flow of international oil goods was mainly from the United States and Venezuela to Western Europe.
At the same time, oil in the Soviet Union recovered and developed rapidly.By the end of the 1930s, the United States and the Soviet Union had become major oil exporters, and international oil trade began to occupy a prominent position in global energy trade, promoting the rapid growth of international energy trade, and shaking the dominant position of coal in the international energy market.During World War II, oil played an important role.During World War II, the United States became the main energy supplier of the allies.
After World War II, the United States once controlled 2/3 of the world's crude oil production.From 1859 when the first oil well was drilled in Pennsylvania to the period after World War II, the world energy territory was called the "Gulf of Mexico era".Wang Yadong believes that the formation and development period of the "Gulf of Mexico era" is also the period when the political, economic and military strength of the United States continues to expand, and finally establishes its hegemony in the western world.This period almost coincided with the domestic oil development in the United States.The control of oil by the United States in the "Gulf of Mexico era" has promoted and consolidated the position of the United States in the world political and economic pattern.Oil has become an important booster for the United States to establish world hegemony.
On August 8, 2023, CNPC learned that the solar thermal system in Block III of Xinli Oil Production Plant in Jilin Oilfield, which it belongs to, was officially connected to the grid, marking the completion and operation of the zero carbon demonstration zone of oil production platform cluster on the most continent of Asia.The demonstration zone produced China's first barrel of "zero carbon crude oil".[7]
In 2023, the total domestic crude oil and natural gas output will be 416 million tons (oil equivalent), an increase of 3.9% year on year. Among them, the crude oil output will increase for the fifth consecutive year, and will increase by 2% again to 2.09% on the basis of returning to 200 million tons in 2022100 million tons.[10]
Composition and classification
Announce
edit
Crude oil composition
On average, crude oil consists of the following elements or compounds:
Carbon - 84%
Hydrogen - 14%
Sulfur - 1-3% (hydrogen sulfide, sulfide, disulfide and elemental sulfur)
Nitrogen - less than 1% (basic compound with amino group)
Oxygen - less than 1% (present in carbon dioxide, phenol, ketone, carboxylic acid and other organic compounds)
Metals - less than 1% (nickel, iron, vanadium, copper, arsenic)
Classification of crude oil
Classification by composition: paraffin base crude oil, naphthenic base crude oil and intermediate base crude oil;
Classified by sulfur content: ultralow sulfur crude oil, low sulfur crude oil, sulfur crude oil and high sulfur crude oil;
According to specific gravity, light crude oil, medium crude oil and heavy crude oil are classified into three categories.
Hydrocarbon classification
Hydrocarbons contain a lot of energy.Many products from crude oil, such asgasoline、diesel oilandparaffin waxAnd so on are using this energy.Hydrocarbons exist in many forms.The simplest hydrocarbon is methane, a gas lighter than air.Long chains containing five or more carbon atoms are liquids.Very long chains are solids, such as wax or tar.Through chemical coupling of hydrocarbon chain, various products can be obtained, from synthetic rubber to nylon to plastics used in household plastic products.The hydrocarbon chain is almost omnipotent.The main types of hydrocarbons in crude oil include:
paraffin wax
General chemical formula: CnHtwon+2（nIt is an integer, generally from 1 to 20), linear or branched chain molecules, at room temperature, according to the different molecules, there are two forms of gas and liquid, for example: methane, ethane, propane, butane, isobutane, pentane, hexane.
Aromatic hydrocarbon
General chemical formula: CsixHfive-Y (Y is a long straight chain molecule connected to the benzene ring).It has a ring structure with one or more rings. The ring is composed of six carbon atoms. The bonding mode between carbon atoms is large π bond, which is generally liquid. Examples: benzene, naphthalene.Naphthenes or Cycloalkanes.
General chemical formula: CnHtwon（nIs an integer, generally from 1 to 20), with one or more ring like structures. The bonding mode between carbon atoms in the ring is single bond, and it is generally liquid at room temperature. Examples: cyclohexane, methyl cyclopentane.
olefin
General chemical formula: CnHtwon（nIs an integer, generally from 1 to 20).A straight chain or branched chain molecule containing a carbon carbon double bond exists in liquid or gaseous form, such as ethylene, butene and isobutene.
Dienes and alkynes
General chemical formula: CnHtwon-2（nIt is an integer, generally from 1 to 20). Linear or branched chain molecules containing two carbon carbon double bonds exist in liquid or gaseous form, such as acetylene and butadiene.
nature
Announce
edit
The properties of crude oil include physical properties and chemical properties.Physical properties include color, density, viscosity, freezing point, solubility, calorific value, fluorescence, optical activity, etc;Chemical properties include chemical composition, component composition and impurity content.
physical property
The relative density of crude oil is generally between 0.75 and 0.95. A few crude oil with a relative density of more than 0.95 or less than 0.75 is called heavy crude oil, while those with a relative density of 0.9-1.0 are called light crude oil.
The viscosity of crude oil refers to the internal friction resistance caused by the flow of crude oil. The viscosity of crude oil depends on temperature, pressure, dissolved gas volume and its chemical composition.The viscosity decreases with the increase of temperature, the viscosity increases with the increase of pressure, the viscosity decreases with the increase of dissolved gas volume, and the viscosity decreases with the increase of light oil components.The viscosity of crude oil varies greatly, generally between 1-100mPa · s. The crude oil with high viscosity is commonly known as heavy oil, which is difficult to develop due to poor liquidity.Generally speaking, the crude oil with high viscosity has high density.
The temperature at which crude oil cools from liquid to solid is called freezing point.The freezing point of crude oil is about - 50 ℃ - 35 ℃.The freezing point is related to the content of components in the oil. High content of light components, low freezing point and high content of heavy components, especially high content of paraffin, will lead to high freezing point.
chemical property
Crude oil is a mixture of liquid hydrocarbons such as alkanes, cycloalkanes, aromatic hydrocarbons and olefins.The main components are carbon and hydrogen, accounting for 83~87% and 11~14% respectively;There are also a small amount of sulfur, oxygen, nitrogen and trace amounts of phosphorus, arsenic, potassium, sodium, calcium, magnesium, nickel, iron, vanadium and other elements.
Wax content refers to the percentage of paraffin and paraffin in crude oil under normal temperature and pressure.Paraffin wax is a white or light yellow solid, composed of higher alkanes, with a melting point of 37 ℃ - 76 ℃.Paraffin wax dissolves in oil in colloidal form underground, and can be separated from oil when pressure and temperature decrease.The temperature at which paraffin in formation crude oil begins to crystallize is called wax precipitation temperature. The higher the wax content, the higher the wax precipitation temperature.
The high wax precipitation temperature makes the oil well easy to deposit wax, which is unfavorable to oil well management.
Sulfur content refers to the percentage of sulfur (sulfide or elemental sulfur) in crude oil.The sulfur content in the crude oil is small, generally less than 1%, but it has a great impact on the properties of the crude oil, has a corrosive effect on the pipeline, and is harmful to human health.According to different sulfur content, it can be divided into low sulfur or sulfur containing petroleum.
The gum content refers to the percentage of gum contained in crude oil.The gum content of crude oil is generally between 5% and 20%.Colloid refers to the polycyclic aromatic hydrocarbon compounds containing oxygen, nitrogen, sulfur and other elements with large molecular weight (300-1000) in crude oil, which are dissolved in crude oil in semi-solid dispersion.The gum is easily soluble in petroleum ether, lubricating oil, gasoline, chloroform and other organic solvents.
The content of asphaltene in crude oil is less than 1% generally.Asphaltene is a kind of black solid substance with high molecular weight (more than 1000) and multi ring structure. It is insoluble in alcohol and petroleum ether, but soluble in benzene, chloroform and carbon disulfide.When the asphaltene content increases, the quality of crude oil deteriorates.
Hydrocarbons in crude oil are mainly divided into alkanes, cycloalkanes and aromatic hydrocarbons.According to the difference of hydrocarbon composition, it can be divided into paraffin based oil, naphthenic base oil and intermediate base oil.Paraffin based petroleum contains more alkanes;Naphthenic petroleum contains more naphthenic and aromatic hydrocarbons;The intermediate sill oil is between the two.Most of the crude oil exploited in China is low sulfur paraffin based.Daqing and other crude oils belong to this category.Among them, the most representative Daqing crude oil has low sulfur content, high wax content and high solidification point, which can produce high-quality kerosene, diesel, solvent oil, lubricating oil and commercial paraffin.Shengli crude oil has a high gum content (29%), a large proportion (about 0.91), and a high wax content (about 15-21%), belonging to a sulfur-containing intermediate.The gasoline fraction has good lead sensitivity and is rich in naphthenic and aromatic hydrocarbons, so it is a good feedstock for reforming.
storage and transportation
Announce
edit
Storage
The main storage methods of crude oil and oil products include bulk storage and packaged storage. Packaged storage refers to the storage in the form of standard barrels. Bulk storage refers to the storage in the form of oil storage tanks. Oil storage tanks can be divided into metal oil tanks and non-metallic oil tanks, and metal oil tanks can be divided into vertical cylindrical and horizontal cylindrical.According to the different construction methods of oil depots, bulk crude oil or oil products can also be stored above ground, semi underground and underground, water sealed rock caverns, and underwater.However, no matter which storage method is adopted, the storage of crude oil, especially oil products, shall meet the following basic requirements:
(1) Deterioration prevention
During the storage of oil products, to ensure the quality of oil products, attention must be paid to reducing the impact of temperature, air and moisture, sunlight, and metal on oil products.
(2) Reduce loss
The common practice of oil depot is to select floating roof oil tank and inner floating roof oil tank;The breather valve baffle is selected under the breather valve of the oil tank;Spray water to cool down.
(3) Improve the safety of oil storage
Due to the high fire and explosion risk of oil products, it is necessary to reduce the explosion sensitivity of oil products and apply materials with good flame retardancy.
Loading and unloading
The loading and unloading of crude oil and oil products can only take the following forms: railway loading and unloading, water transportation loading and unloading, highway loading and unloading and direct pipeline transportation.According to the nature of oil products, it can be divided into light oil loading and unloading and viscous oil loading and unloading;Considering the handling technology of oil products, they can be divided into unloading, unloading, gravity flow and pumping.However, except for direct pipeline transportation, crude oil and oil products must meet the following basic requirements regardless of the loading and unloading method:
(1) It must be completed by special facilities and equipment.
The special facilities for loading and unloading crude oil and oil products mainly include: railway special lines and tank cars, oil terminals or berthing points, oil tankers, trestles or operating platforms, etc;Special equipment mainly includes: loading and unloading oil crane pipe, oil collecting pipe, oil delivery pipe and oil delivery pump, oil delivery and filling equipment, viscous oil heating equipment, flowmeter, etc.
(2) It must be completed in a dedicated work area.
There are special operation areas for the loading and unloading of crude oil and oil products. These special operation areas are usually equipped with isolation facilities to isolate from the surrounding environment, and must meet strict requirements for fire prevention, explosion prevention, lightning protection and anti-static.
(3) It must be completed by specially trained professional and technical personnel.
(4) There are strict requirements for loading and unloading time and speed.
output
The crude oil has a certain viscosity, especially when the temperature is low, the oil stored in large storage tanks is not easy to be directly exported, and must be heated to improve the crude oil temperature and liquidity.
At present, there are two main heating methods for crude oil storage tanks, one is coil whole tank heating, the other is local fast heating.
The whole tank heating method is a crude oil heating method that is relatively simple in application and widely used in price comparison, while the local rapid heating method is characterized by better energy saving and high heating efficiency.
Comparison between whole tank heating and local rapid heating:
Heating mode
Heat medium
Oil output
Temperature rise
heating time
Condensate temperature
Steam consumption
Whole tank heating mode
0.8Mpa saturated steam
60T/t
30℃-60℃
14 hours and 30 minutes
100℃
14.6t
Local rapid heating
0.8Mpa saturated steam
60T/t
30℃-60℃
1 hour and 30 minutes
55℃
1.96 tons
market price
Announce
edit
The pricing of international crude oil market is based on the standard oil of major oil producing regions in the world.For example, in the New York Futures Exchange, its crude oil futures are based on the "intermediate base crude oil (WTI)" produced in West Texas, the United States. All crude oil produced in the United States or sold to the United States is priced with light and low sulfur WTI as the benchmark oil.Because of the strength of the United States, the super buyer of crude oil, and the influence of the New York Futures Exchange itself, crude oil futures trading with WTI as the benchmark oil has become the leader in the trading volume of global commodity futures.Generally speaking, this crude oil futures has good liquidity and high price transparency, and is one of the three benchmark prices in the world crude oil market. When the public and the media usually talk about how much the oil price breaks through, they mainly refer to this price.However, more than two-thirds of the world's crude oil trading volume is not based on WTI, but on the same light and low sulfur Brent crude oil in the North Sea as the benchmark oil.On June 23, 1988, the London International Petroleum Exchange (IPE) launched Brent crude oil futures, including countries and regions in Northwest Europe, the North Sea, the Mediterranean, Africa and Yemen, which are all based on this benchmark. Since this futures contract meets the needs of the oil industry, it is considered as a "highly flexible tool for risk aversion and trading",It also ranks among the three major benchmarks of international crude oil prices.London has therefore become one of the three major international oil futures trading centers.The Brent crude oil pricing system, which is composed of Brent crude oil futures and spot markets, at most covers 80% of the world's crude oil trading volume. Even today, when the crude oil price in New York is increasingly important, there are still about 65% of the world's crude oil trading volume, which is priced based on Brent crude oil in the North Sea.The conversion relationship between tons and barrels is: 1 ton (crude oil)=7.33 barrels (crude oil), that is, a barrel is a little more than 136 kilograms.Although there is a fixed conversion relationship between ton and barrel, because ton is the unit of mass and barrel is the unit of volume, and the density of crude oil varies widely, there will be different results if calculated in different units in crude oil trading.
Crude oil refining
Announce
edit
The problem with crude oil is that it contains hundreds of different types of hydrocarbons, and these substances are all mixed together.Different kinds of hydrocarbons need to be separated to extract useful substances.Fortunately, there is a simple way to separate these substances, which is petroleum refining.The petroleum refining process begins with a fractionating column.With the increase of hydrocarbon chain length, its boiling point will gradually rise, so it can be completely separated by distillation.This is the process that takes place in the refinery. In one link of the refining process, the crude oil is heated and hydrocarbon chains of different lengths will be separated at different evaporation temperatures.Each chain with different length has different properties, thus corresponding to different uses.In order to understand the diversity of crude oil components and why petroleum refining is so important to society, look at the products produced from crude oil listed below:
petroleum gas
It is used for heating, cooking and manufacturing plastics. Small molecule alkanes (1-4 carbon atoms), commonly known as methane, ethane, propane and butane, with boiling range less than 40 ℃, are often pressurized and liquefied into LPG (liquefied petroleum gas).
Naphtha or light petroleum
An intermediate product, which will be further processed into gasoline, a mixture of 5-9 carbon atom alkanes, boiling range=60-100 ℃.
gasoline
Engine fuel, liquid, mixture of alkanes and cycloalkanes (5-12 carbon atoms), boiling range=40-205 ℃.
kerosene
Fuel for jet engines and tractors;Raw materials for manufacturing other products, liquids, mixtures of alkanes (10-18 carbon atoms) and aromatic hydrocarbons, boiling range=175-325 ℃.
Diesel or fractionated diesel
Used as diesel engine fuel or heating oil;The raw materials for manufacturing other products, liquid alkanes with a carbon atom number of 12 or more,
Boiling range=250-350 ℃.
Lubricating oil
For engine lubricating oil, grease and other lubricants, liquids, long-chain (20-50 carbon atoms) alkanes, cycloalkanes and aromatic hydrocarbons, boiling range=300-370 ℃.
Heavy oil or fuel oil
Used as industrial fuel;Raw materials for manufacturing other products, liquids, long-chain (20-70 carbon atoms) alkanes, cycloalkanes and aromatic hydrocarbons, boiling range=370-600 ℃.
residual oil
Coke, asphalt, tar and wax;Raw materials for manufacturing other products, solid, polycyclic compounds with carbon atom number greater than or equal to 70, boiling range=higher than 600 ℃.
Refining process
Announce
edit
Crude oil contains various hydrocarbons.Petroleum refining is to separate each component so that it can be further utilized.Chemists use the following steps to refine oil:
1. The oldest and most common method for separating various components (called fractions) from crude oil is to use different boiling points.This process is called fractionation.The basic method is to heat the crude oil, evaporate it, and then liquefy the steam.
2. The newer technology is to use chemical processing of some fractions to obtain other fractions, which is called conversion.For example, chemical processing can break long carbon chains into shorter ones.In this way, if the demand for gasoline is large, refineries can convert diesel fuel into gasoline.
3. The refinery must treat the distillate to remove impurities.
4. The refinery converts different fractions (treated and untreated) into a mixture to produce the desired product.For example, gasoline with different octane numbers can be produced by using mixtures with different chain lengths.Products will be stored on site until they are sent to various points of sale (such as gas stations, airports and chemical plants).In addition to producing various products with petroleum as raw material, the refinery must also treat the waste generated in the production process to try to reduce air pollution and water pollution.
purpose
Announce
edit
Crude oil products can be divided into six categories: petroleum fuels, petroleum solvents and chemical raw materials, lubricants, paraffin, petroleum asphalt, petroleum coke, etc.Among them, the output of various fuels is the largest, close to 90% of the total output;The variety of lubricants is the largest, accounting for about 5% of the output.
Crude oil products have a very wide range of roles and functions in social and economic development.
Crude oil products, which mainly refer to gasoline, kerosene, diesel oil, heavy oil and natural gas produced by refining crude oil, are the main suppliers of current major energy sources.The energy provided by crude oil products is mainly used as fuel for automobiles, tractors, aircraft, ships and boilers, and a small amount is used as civil fuel.
Crude oil products are one of the pillars of the material industry: metal, inorganic non-metallic materials and polymer synthetic materials, known as the three major materials.The output of polymer synthetic materials provided by the world's crude oil chemical industry is about 145 million tons.In addition to synthetic materials, petroleum products also provide the vast majority of organic chemical raw materials. Within the scope of chemical industry, in addition to chemical products provided by chemical minerals, the raw materials for petroleum product production have played a significant role in various departments.
resource distribution
Announce
edit
China's oil resources are concentrated in the eight major basins of Bohai Bay, Songliao, Tarim, Ordos, Junggar, Pearl River Mouth, Qaidam and the East China Sea shelf, with the recoverable resources of 17.2 billion tons, accounting for 81.13% of the country's total;Natural gas resources are concentrated in Tarim, Sichuan, Ordos, East China Sea Shelf, Qaidam, Songliao, Yinggehai, Qiongdongnan and Bohai Bay basins, with the recoverable resources of 18.4 trillion cubic meters, accounting for 83.64% of the country's total.
From the perspective of resource depth distribution, 80% of China's oil recoverable resources are concentrated in the shallow (<2000m) and middle deep (2000m-35000m) layers, while the deep (3500-4500m) and ultra deep (<4500m) layers are less distributed;Natural gas resources are relatively evenly distributed in shallow, middle deep, deep and ultra deep layers.
From the perspective of geographical environment distribution, 76% of China's oil recoverable resources are distributed in plains, shallow seas, gobi and deserts, and 74% of natural gas recoverable resources are distributed in shallow seas, deserts, mountains, plains and gobi.
From the perspective of resource grade, high-quality resources account for 63%, low-permeability resources account for 28%, and heavy oil accounts for 9% of China's recoverable petroleum resources;Of the recoverable natural gas resources, 76% are high-quality resources and 24% are low-permeability resources.
Market information
Announce
edit
Unit of measurement
The most commonly used unit of measurement for oil is a unit of capacity, 42 gallons.Because the density of oil produced in different places is different, the weight of a barrel of oil is also different.Generally, there are about 8 barrels per ton of oil.Refer to the following table for specific conversion relationships.
Liters
Cubic meter (mthree）
Gallon
Gallons (UK)
Barrel (oil)
one hundred and fifty-eight point nine eight
zero point one five eight nine eight
forty-two
thirty-four point nine seven three
one
one
zero point zero zero one
zero point two six four one eight
zero point two one nine nine eight
zero point zero zero six two nine
one thousand
one
two hundred and sixty-four point one eight
two hundred and nineteen point nine eight
six point three zero
quality index
The main classification indicators of crude oil in the world include API degree (light, medium and heavy according to API value), sulfur content, etc. Among the existing crude oil reserves, medium and heavy crude oil is higher than light crude oil. According to sulfur content, low sulfur crude oil only accounts for 17%, sour crude oil 30.8%, and high sulfur crude oil 58%.
Main international crude oil trading varieties
varieties
API degree
exchange
West Texas Light Crude WTI
forty
NYMEX
Brent, North Sea
thirty-eight point two
IPE
Oman crude oil
thirty-four
Dubai Mercantile Exchange DME
Bohai Commodity Exchange Medium Sour Crude Oil
twenty-seven
Bohai Commodity Exchange
There is no mandatory national quality standard for crude oil in China.The crude oil selected by the Bohai Commodity Exchange for trading is the medium sour crude oil with active international trade.
Transaction type
The following are the world's major crude oil exchange transactions:
British International Petroleum Exchange: Brent crude oil, diesel oil
Bohai Commodity Exchange: crude oil (BCO)
China Supply and Marketing · Petrochemical Trading Center: supply and marketing oil 100/1000
China Supply and Marketing · Renewable Resources Exchange: Dalian Oil (Heavy Oil)
China supply and marketing · Tianjin Petrochemical: supply and marketing of recycled plastics
Gold price relationship
crude oil
In the international commodity market, crude oil is one of the most important commodities.The significance of crude oil for gold is that the rise of oil price will drive inflation, thus demonstrating the value of gold against inflation.From the historical data, in the past 30 years, an ounce of gold can be exchanged for 15 barrels of crude oil on average. The oil price is positively correlated with the gold price by about 80%.
The price of crude oil rose from about $20/barrel in January 2002 to about $78 in July 2006.One of the reasons for the squall rise in oil prices is the continuous, steady and rapid growth of the world economy. The economic performance of both the United States and emerging market countries, such as China, is very good, which has greatly increased the demand for crude oil.The supply factor is the fragile balance between supply and demand of the world's crude oil industry. Due to the limited surplus capacity and the turbulent geographical situation, the market has been worried about the possible interruption of crude oil supply, which has pushed the oil price up to a high point in more than 20 years.
Oil price vs. gold
Although the current crude oil price is still in the process of revising the previous upward trend, the fragile balance between supply and demand will continue for a long period of time, so it is difficult for the oil price to fall further, and it is still worth looking forward to the high level operation and a resurgence.
Similarly, the rise of other commodity prices in the international commodity market has the same effect on gold prices.The gold price started this bull market in 2000, accompanied by a sharp rise in the prices of energy, metals and some agricultural products in the international commodity market, led by crude oil, copper, etc.According to the trend chart of world commodity prices from 1804 to 2004, around 2000 was just the beginning of another historic bull market of world commodity prices.In these two hundred years, there have been five super bull markets, with the shortest duration of 15 years and the longest duration of 40 years.Every bull market is accompanied by wars and political tensions: the early 19th century was the Anglo French War of 1812;The 1860s was the American Civil War;The three major commodity markets in the 20th century were the World War I, World War II and the Cold War.At present, the "war on terror" of the United States in the world has begun in Afghanistan and Iraq, which means that the tension and turbulence in the world situation will continue for a long time.
Production status
Supply: crude oil processing volume and product oil output decreased, and the growth rate of lubricating oil and fuel oil output increased
1. The enthusiasm of domestic refineries for starting operations has declined, and the cumulative growth rate of crude oil processing has declined
In the second quarter of 2013, due to the slowdown of China's economic growth, the enthusiasm of domestic refineries to start construction declined, and the growth rate of crude oil processing volume declined.From January to June, the crude oil processing volume was 236.79 million tons, a year-on-year increase of 4.1%, and the growth rate was 0.17 percentage points lower than that of the first quarter.Among them, the crude oil processing volume in the second quarter was 116.304 million tons, a decrease of 4.1892 million tons month on month.
Monthly crude oil processing volume and year-on-year growth rate from January 2012 to June 2013
crude oil
Data source: National Bureau of Statistics
2. The growth rate of the cumulative output of refined oil has declined, including the growth rate of gasoline and diesel, and the growth rate of kerosene
In the second quarter, with the decline in the growth rate of crude oil processing volume, the growth rate of refined oil production also declined.From January to June, the cumulative output of refined oil was 146.391 million tons, up 5.6% year on year, 1.4 percentage points lower than that of the first quarter.Among them, the output of refined oil in the second quarter was 72.233 million tons, a month on month decrease of 1.925 million tons.Gasoline: The second quarter was the off-season of sales in the automobile industry. The sales volume of automobiles decreased month on month, and the demand for gasoline weakened, leading to a decline in the growth rate of gasoline production.From January to June, the gasoline output was 48.8527 million tons, a year-on-year increase of 14.09%, and the growth rate was 1.83 percentage points lower than that of the first quarter.
Kerosene: China's air transport is in a period of rapid development, and the demand for kerosene in the second quarter maintained a rapid growth, thus driving the growth of kerosene production.From January to June, the output of kerosene was 11.9083 million tons, up 15.98% year on year, 2.39 percentage points higher than that of the first quarter.
Diesel: In the second quarter, the demand for diesel declined due to the decline of economic growth and the rapid development of alternative fuels such as natural gas, which led to the decline of diesel output growth.From January to June, the diesel output was 85.6301 million tons, up 0.11% year on year, 1.44 percentage points lower than that of the first quarter.
3. The cumulative output growth rate of lubricating oil and fuel oil has improved
In the second quarter, the growth rate of China's lubricant output increased.From January to June, the cumulative output of lubricating oil was 2.843 million tons, a year-on-year increase of 4.42%, 3.70 percentage points higher than that of the first quarter, and 6.92 percentage points higher than that of the same period last year.
In the second quarter, the growth rate of China's fuel oil production also increased.From January to June, the cumulative output of fuel oil was 12.3327 million tons, with a year-on-year growth of 21.52%. The growth rate was 3.73 percentage points higher than that of the first quarter, and 26.12 percentage points higher than that of the same period last year.
On December 30, 2022, the 2023 National Energy Work Conference was held in Beijing.The National Energy Administration released the "transcript" of energy work in 2022: to fully promote the increase of oil and gas reserves and production, and the crude oil output will return to 200 million tons.[5]
Market volatility
International crude oil prices (95.45, -0.41, -0.43%) corrected in a narrow range, and finally closed down slightly.The market is quite light.On the one hand, investors are still further digesting the results of the meeting of finance ministers and central bank governors of the global G20 countries at the end of the weekend. On the other hand, the US financial market is closed due to the President's Day holiday.
Industry experts pointed out that international crude oil prices will still be in a comprehensive consolidation state.On Monday, NYMEX crude oil firm trading was closed, and only electronic trading was opened. At the same time, there was no major economic data release in the world that day, and the speech of ECB President Draghi was finally proved to be weak.Therefore, the trend of the futures market and foreign exchange market is basically a backwater, and the crude oil market is naturally calm.
Previously, at the meeting of finance ministers and central bank governors of the Group of Twenty (G20) on February 15-16, economic officials from all countries participating in the meeting tried to release signals that market investors intended to worry about "exchange rate war" and promised not to take their own currency exchange rate as the control target of economic policies.However, the results of the meeting still need to be further digested and confirmed by all parties.
In addition, on Monday, Fatih Birol, the chief economic expert of the International Energy Agency, pointed out that the sharp rise in the price of Brent crude oil may have a negative impact on the global economy, especially the European economy.Europe is the weakest link in the current global economic chain.Therefore, in order to maintain a stable economic outlook, measures may be needed to curb the further rise of oil prices.
Brent crude oil closed Monday at US $117.38 per barrel, down 0.28 dollars, or 0.24%.As of 05:00 Beijing time, crude oil in NYMEX3 month was trading at USD 95.55/barrel, down 0.53 dollars, or 0.55%.Crude oil investment is the choice of many people. Investment and financing are not guaranteed. Crude oil investment is the same, similar to stocks.So the basic knowledge of financial management is still needed, and not all crude oil and foreign exchange companies can choose, not all investments can be profitable, and preparation or introduction is very important.
Michele Della Vigna, director of European energy research, said in an interview with CNBC on Friday, August 1, 2015 that with the continuous improvement of productivity and the continuous decline of costs, the oil price is expected to remain around $50 per barrel by 2020.[2]
The international oil price soared by more than 10% Venezuela called for the convening of an emergency OPEC meeting.Brent crude oil futures closed up $4.42, or 10.25%, at $47.56 per barrel on Thursday (August 27);US NYMEX crude oil futures closed up $3.96, or 10.26%, at $42.56 per barrel on Thursday.
The spot crude oil rose sharply from 264 yuan/barrel recently, rising 45 points in two days, or more than 15.10%.310 yuan/barrel.
From January to February 2022, according to the National Bureau of Statistics, the production of major energy products in industries above designated size has increased to varying degrees.Compared with December of last year, the growth rate of raw coal, crude oil and natural gas production accelerated, and the power production increased from a decline.Among them, the production of crude oil increased steadily, while imports decreased from an increase.From January to February, 33.47 million tons of crude oil were produced, up 4.6% year on year, 2.9 percentage points faster than that in December of last year, with an average daily output of 567000 tons.The import of crude oil was 85.14 million tons, a year-on-year decrease of 4.9%, and an increase of 20.1% in December of last year.The crude oil processing volume declined slightly.From January to February, 113.01 million tons of crude oil were processed, down 1.1% year on year, 1.0 percentage point lower than that in December of the previous year, with an average daily processing of 1.915 million tons.[3]
statistical data
Announce
edit
On February 28, 2023, the National Bureau of Statistics issued the Statistical Bulletin of the National Economic and Social Development of the People's Republic of China in 2022. According to the preliminary accounting, the crude oil output in 2022 will be 204.722 million tons, an increase of 2.9% over the previous year;The import of crude oil was 508.28 million tons, an increase of - 0.9% over the previous year;The total energy consumption in the whole year was 5.41 billion tons of standard coal, an increase of 2.9% over the previous year, and the consumption of crude oil decreased by 3.1%.[6]
In December 2023, China's industrial crude oil output above designated size will be 17.65 million tons, up 4.6% year on year, 2.0 percentage points faster than that in November, with an average daily output of 569000 tons.The import of crude oil was 48.36 million tons, up 0.6% year on year, down 9.1% in November.
In 2023, the industrial crude oil output above designated size will reach 208.91 million tons, up 2.0% year on year.563.99 million tons of imported crude oil, up 11.0% year on year.[9]The domestic oil and gas production equivalent exceeded 390 million tons, and the crude oil production reached 208 million tons, an increase of more than 3 million tons compared with 2022, and a significant increase of nearly 190 tons compared with 20180 million tons.[8]
In 2023, the total domestic crude oil and natural gas output will be 416 million tons (oil equivalent), an increase of 3.9% year on year. Among them, the crude oil output will increase for the fifth consecutive year, and will increase by 2% again to 2.09% on the basis of returning to 200 million tons in 2022100 million tons.
On February 29, 2024, the National Bureau of Statistics issued the Statistical Bulletin of the People's Republic of China on National Economic and Social Development in 2023. In 2023, China's crude oil output will be 209.026 million tons, an increase of 2.1% over the previous year.According to preliminary accounting, the annual crude oil consumption increased by 9.1%.[11]
