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Jiang Jiemin believes that the impact is mainly reflected in sharp decline in consumer demand, crude oil, refined oil inventories surge, production organizations, more difficult, refined oil prices showed a downward trend, chemical product prices fell sharply.
Prior to this, CNPC also predicted that due to the slowdown of economic growth and the decline in the output value of energy-intensive industries, China's oil demand will slow down before the end of the year, and the demand is expected to increase by only 4% over the previous year. In the first three quarters of this year, oil demand increased by 5% to 6% over the same period of last year.
In recent years, China’s export trade has been greatly affected. Many small and medium-sized manufacturing operations are facing a severe situation and are facing shutdowns or production cuts. In this context, the operating rate of the petroleum and petrochemical downstream products industry has drastically decreased from 85% to about 55%.
The lack of demand directly causes the price of domestic petroleum and petrochemical products to decline. According to statistics from Sinopec, the export of petrochemical products in the first half of this year was US$660 million, an average of US$110 million per month. By the third quarter, the export market situation reversed, the international market demand for petrochemical products declined, prices fell sharply, and export self-operated product inventories nearly doubled from the previous period, and exports fell to US$97 million per month. Since entering the fourth quarter, the market situation has continued to deteriorate.
PetroChina is more affected by the financial crisis
The impact of the financial crisis on the two major oil giants in the country began to appear. Yesterday, the reporter learned from China National Petroleum Corporation (hereinafter referred to as PetroChina) that the general manager of the company, Jiang Jiemin, disclosed at a recent company video conference that as the impact of the international financial crisis on China’s economy and finance continued to deepen, the production and operation of PetroChina was also affected. Big negative effect. Among them, the impact has been even more pronounced since September.