The reporter learned from Sinopec that in 2017, Sinopec’s trading company, UNIPEC, had imported 5.7 million tons of U.S. crude oil to China, accounting for about 10% of the total U.S. crude oil export volume for the year, and it was the Asia-Pacific region. The largest US crude oil trader; it is expected that Sinopec’s US crude oil imports will continue to grow rapidly in 2018, and the total import volume is expected to exceed 10 million tons.
In March 2016, Sinopec shipped the first US crude oil to China and became the first trader to import US crude oil in the Asia Pacific region, achieving zero breakthrough in US crude oil imports. Up to now, more than a dozen refineries have processed US crude oil in the Sinopec system, which has played a positive role in achieving diversification and economic substitution of crude oil import sources. The data shows that China’s crude oil imports in 2012 were 420 million tons, surpassing the United States as the world’s largest crude oil importer, and the complementarity of the energy markets between China and the United States has increased.
The US Energy Information Administration (EIA) estimates that US crude oil production is expected to increase by 1.26 million barrels per day in 2018 to 10.59 million barrels per day; the International Energy Agency (IEA) estimates that 80% of the increase in global crude oil supply in the medium and long term will be from the United States crude oil.