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| China's Excess Oil Refining Production Capacity in the Background of the Supply Side Structural Reform |
| Wang Zhen, Zhang Yuxuan |
| Academy of Chinese Energy Strategy of China University of Petroleum-Beijing |
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Abstract Through analysis of the current situation and newly-increased production capacity of the oil refining industry of China, this Paper discusses both the continuous expansion trend and the serious excess of production capacity of the oil refining industry of China. Due to the entry of the Chinese economy into the new normal, the accelerated substitution of old energy by new energy and rigid restrictions composed of low carbon and environmental protection requirements, the oil demand of China will continue to increase overall, but the growth will obviously slow down. At the same time, the newly-increased production capacity in Shandong and coastal region will continuously expand, the supply and demand contradiction will intensify, and the structural excess production capacity of the oil refining industry of China will be prominent. It is suggested that the government should attach great importance to the production capacity of the oil refining industry at the macro level, and deeply carry forward the supply side structural reform, and that enterprises should speed up technical innovation, enhance regional and layout optimization, adapt to market changes and adjust product structure, control oil refining but increase chemical engineering, improve product quality and production efficiency, and constantly promote the international competitiveness of the Chinese petrochemical industry.
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Published: 28 September 2018
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2018, Vol. 25 
