2024年中国石油市场概览

小 结 国内石油市场保持稳步发展，石油依然是近阶段最重要的能源之一上海原油期货在国内原油和成品油市场中发挥了较好的价格发现功能国内新能源汽车加速发展，对成品油消费替代效应逐步增大上海原油期货将为我国石油市场发展和能源转型保驾护航 免责声明 本资料由上海期货交易所（上期所）和上海国际能源交易中心（上期能源）汇编。本资料版权受中国法律保护，传输、复制需获得版权人的书面同意。上期所/上期能源不保证在其他司法辖区使用、传播该资料的合法性。尽管我们将尽量提供可靠、准确、完整的信息，但无法保证所有信息准确或完整。 本资料仅作为投资者教育的一般性描述，不作为投资建议，因此不得作为开展特定业务的依据。期货和期权交易涉及高风险，需谨慎考虑。交易者应满足适当性要求。 Gasoline maintains a steady share in crude oil products, with diesel and kerosene sharesincreasing in 2023 Diesel-to-gasoline ratio approached 1:1 at the lowest point in 2021, but rebounded morerecently Aviation kerosene (jet fuel) production and consumption continued to recover in 2023,with net export surpassing 15m MT Average fuel consumption falls with the wider adoption of EVs, public transport, andnew technologies, despite a rebound following the lifting of Covid measures Note:Proportion and ownership of fossil fuel cars are estimated from the car ownership data and the sales figures from the past 15 years.Estimated result: In 2023, fossil fuel cars consumed approx. 0.5 MT of fuel per vehicle per year. Given there were 20.41m EVs, total gasolinesubstitution was around 10.31m MT. Conclusions and Outlook China’s oil market has maintained steady growth and crude oil will remain a critical sourceof energy in the near future Shanghai’s crude oil futures (SC) serves an effective price discovery function in the domesticcrude oil and refined oil markets China’s EV market is taking of f, leading to rising substitution of refined oils SC will contribute to a more robust domestic oil market and China’ s energy transition Disclaimer The information contained in this document is compiled and edited by the Shanghai Futures Exchange (SHFE) andShanghai International Energy Exchange (INE). The copyright of this material is protected by Chinese laws. Anytransmission and reproduction shall be done with the written consent of the copyright owner. SHFE/INE does notguarantee that the use and transmission of this material in another jurisdiction is legal. Although we endeavor toprovide reliable, accurate and complete information, there cannot be guarantee that such information is accurateor complete. These materials are general descriptions that are only used for investor education purposes and do not provideany investment suggestions or opinions, and therefore cannot be used as a basis for conducting specific business. Trading futures and options involves the risk of loss. Carefully consider whether trading is appropriate for you inlight of your experience, objectives, financial resources and other relevant circumstances. Those who want totrade INE’s products shall meet the eligibility requirements set forth in INE’ s business rules. ROBUSTNESS｜PROACTIVENESS｜ INTEGRITY｜PROFESSIONALISM