The external factors that affect the economic operation of China's petroleum and petrochemical industry tend to be complicated

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At present, the main domestic oilfields have entered the late stage of stable production, and the difficulty of stable production is increasing day by day. With the deepening of exploration and development, crude oil production has shifted to high-cost, large-used hard-to-use reserves and unconventional resources.

With the gradual slowdown of domestic economic growth, weak oil consumption has become a consensus within the industry, and it is expected that oil consumption will be lower than in previous years, but the basic trend of rigid growth in oil consumption has not changed.

With the concerted and close coordination of the national, local, and two major oil companies, by the end of April, the tight supply of diesel in local areas had not appeared.

The adjustment of refined oil prices on March 20th provided hope for oil refiners to reverse the loss situation. Market analysts believe that the increase in refined oil prices is likely to become a turning point for domestic oil refining companies.

In the context of frequent geopolitical events and a sharp rise in international oil prices, China has increased its crude oil imports, considering more of a long-term need for securing national energy and petroleum safety, rather than immediate actual oil consumption.

The external factors that affect the economic operation of the petroleum and petrochemical industry tend to be more complex and face the downward pressure brought about by structural adjustments, and the industry's internal growth kinetic energy has been reduced.

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