Petroleum Refining Industry In China
The oil refining trade in China has faced rapid development in oil imports of increasingly sour grades of crude with which to fulfill growing domestic demand for a slate of lighter and cleaner completed products bought at subsidized prices. At the same time, the world petroleum refining industry has been shifting from one that serves primarily local and regional markets to one which serves international markets for completed merchandise, as world refining capacity utilization has elevated. Globally, refined product markets are more likely to experience continued globalization until refining investments significantly broaden capability in key demand regions. We survey the oil refining trade in China in the context of the world market for heterogeneous crude oils and growing world trade in refined petroleum crude oil prices march 2015 merchandise.
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