The Liquids storage capacity of Oil & Gas industry in China attained a value of 1,360,052,746.89 bbl in 2020
The indicator recorded a historical growth (CAGR) of 8.29% between 2017 to 2020, and is expected to grow by ...
GlobalData projects the indicator to grow ...
The Liquids storage capacity of Oil & Gas industry in China recorded a YoY growth in 2020
The value of the Chinese oil and gas market grew in 2019, recording a sharp slowdown from the double-digit growth rates recorded in 2017 and 2018, as a result of a drop in oil and gas prices in that year. A stronger decline is anticipated in 2020 amid weaker demand and a severe drop in oil prices. The market is projected to return to strong growth rates over the rest of the forecast period, as oil and gas prices are expected to recover after 2020, in line with the recovery of demand and reduced supply.
The average price of Brent, West Texas Intermediate (WTI), and Dubai crude oils declined by low-double-digit percentage on average in 2019. In detail, the price of Brent crude oil, the international benchmark in 2019 was lower than its 2018 average.
The price of crude oil began to drop in late 2018 as a result of the strong increase of US shale oil production and a simultaneous increase in production of oil from other non-OPEC countries, while global demand remained weak. In fact, production increases limited any upward price movements caused by increased uncertainty over oil supplies in large oil-producing countries amid geopolitical tensions, including the missile attack on Saudi Arabian refineries in September 2019, US sanctions on oil trade from Iran and Venezuela, and the decline of oil production in Libya due to the ongoing civil war in the country.
Natural gas prices were down by low-double-digit percentage on average in 2019, the lowest average price since 2016, according to the World Bank’s index, including natural gas from the US and Europe and liquefied natural gas (LNG) bought from Japan. Strong growth in natural gas production, linked to the growth of oil production, suppressed prices in 2019 as supply exceeded demand. Especially, the supply of natural gas through LNG exports surged that year.
Total Production (Boed) is crude oil and natural gas equivalent production/sales volume for the reporting period. For this computation, one barrel is the equivalent of six thousand cubic feet of gas.
United States of America
Canada
United States of America
United States of America
United States of America
Canada
United States of America
Norway
United States of America
United States of America
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward