Good oil and chemical production in July is the dual role of demand pulling and cost promotion

According to the latest analysis report from the Ministry of Information of the China Petroleum and Chemical Industry Association, the import situation for the oil and chemical sector remained stable in July, driven by both rising demand and increasing production costs. As China's economy continues to operate within the framework of macroeconomic regulation and control, industrial output has remained robust, fueling strong growth across downstream sectors of the petrochemical industry. This has led to a steady rise in demand for petrochemical products, supporting sustained production and sales momentum. Meanwhile, high prices for key inputs such as crude oil, coal, electricity, and transportation have kept industry price levels elevated. However, despite these high costs, many product prices have seen a slowdown in their upward trend due to rapid resource expansion and the ability of downstream industries to absorb higher costs. Market conditions have shown some volatility, with fluctuations in pricing across different segments. According to the most recent data bulletin from the China Petroleum and Chemical Industry Association, 64 key petroleum and chemical products saw significant output growth in July compared to the same period last year. These products accounted for 90.6% of the total, with over 10% growth recorded in 71.9% of them. Only 5 products experienced a decline, making up 7.9% of the total. On the pricing front, out of 149 tracked products, nearly half saw a decrease in price compared to the previous month, with only 12 types showing an increase. However, 111 products saw price increases compared to the same period last year, representing 74.5%, while 22 products faced declines, or 15.3%. In terms of specific sectors, oil and gas production continued to grow steadily in July. Crude oil output reached 15.456 million tons, marking a 4.2% year-on-year increase, while natural gas production hit 3.95 billion cubic meters, up 19% from the previous year. After two months of slower growth, refined oil production rebounded in July. Additionally, the agrochemical sector performed well, with both inorganic and organic chemical raw materials showing strong growth. The output of "triacids and alkalis" increased by more than 14% across all categories.

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