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It is understood that China’s crude oil exports have begun to decline last year, with most of the months at a low level of 500,000 to 1 million tons, and last year’s crude oil exports were also 0 tons, but in March last year, the export volume was relatively high, reaching 1.31 million tons. Therefore, this year's single month has fallen sharply.
A related person from the China Petroleum and Chemical Industry Association stated that the current crude oil export has reached a minimum, mainly because the country has introduced a policy of restricting crude oil exports. Since 2004, China's crude oil export restrictions have been gradually introduced, and crude oil exports have also been declining year by year. Since the end of 2006, a new round of policies to restrict the export of high-energy-consumption resource products has been intensively introduced, and crude oil imports and exports have begun to implement new tariffs. Among them, the crude oil import tariff was reduced from about 6% to 2%. At the same time, crude oil exports are subject to a 5% tariff.
Some experts also believe that the drastic decline in international oil prices and the adjustment of the country’s tariff policy are the reasons for the decline in crude oil exports in the first quarter of this year. From the perspective of oil prices alone, since the second half of last year, it has fallen below the high of US$78 per barrel and has fallen below US$60. This has affected the enthusiasm of export companies to some extent.
The data released by the General Administration of Customs on April 23 showed that crude oil exports in March were nearly 220,000 tons, a sharp drop of 83.2% year-on-year. According to statistics, crude oil exports were only 300,000 tons in January this year, but in February, the amount of crude oil was not exported, and the customs showed that the amount was 0 tons.
April 06, 2021