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Fueling Oil Trade.doc
Fueling Oil Trade
China’s oil trade practices are shifting from simply exchanging goods to a long-term focus on importing crude oil to replace its domestic supplies. China is increasingly becoming an international center for oil refining and processing, and as infrastructure for oil storage and transportation improves, Chinese ports may function even better as a regional hub for oil trade in East Asia.
This is a result of China’s poor pool of oil resources, which are of low quality but require high production costs to exploit. When the international primary commodities market is prosperous, the price of imported oil and domestically produced oil are almost the same. In that case, the use of domestic oil wouldn’t increase costs for manufacturing and other downstream industries, and would instead help China curb oil exporters’high prices. But when the market becomes sluggish, international oil becomes cheaper than domestic oil, meaning that the low-cost but high-quality imported oil is favored as a means to boost manufacturing and other downstream industries.
China’s manufacturing and modern service industries are the real foundations for its economy. It would be a grave mistake for China to damage the efficiency of those industries just to maintain its domestic output of crude oil.
New exporting markets
The trend of replacing domestic supplies with imported oil has accelerated in China following the oil price collapse in the latter half of 2014.
The fast growth of China’s oil imports should mostly be attributed to the growth of its refined oil exports. They have accelerated since 2013, with growth reaching 21.9 percent and 35 percent respectively in 2015 and the first 11 months of 2016. Over the past several years, the country has shifted from a net importer of refined oil to a net exporter.
China finds it more desirable to expand its refined oil export market than to cut its domestic oil refining capacity and transfer it to foreign countrie
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