May 23, 2026
Two supertankers carrying crude oil have navigated the Strait of Hormuz and are en route to China, according to a report from Reuters. The vessels, loaded with Iraqi and some Qatari crude, were filled in late February and early March. The cargoes were ordered by Chinese energy firms Unipec and Sinochem.
Last week, Iran stated it had allowed up to 30 vessels to pass through the Strait of Hormuz. This followed a prior indication that Tehran would operate on a per-government basis, reaching agreements with individual countries that depend on energy flows from the Persian Gulf.
Some vessels have been traversing the chokepoint in what is known as dark mode, deactivating their geolocation devices to evade detection by Iranian military forces. Since early March, hundreds of vessels—including tankers carrying energy commodities—had been stuck in the Persian Gulf west of the Strait amid a de facto closure. However, the past few weeks have seen some movement out of the area.
Last week, two liquefied petroleum gas carriers bound for India successfully passed through the Strait, along with a tanker hauling crude for Vietnam and a few other ships. Still, tanker traffic remains only a fraction of what it was before the conflict. Windward, an Israel-based company, reported last week that large sections of the northern Strait remained dominated by stationary dark vessels rather than active commercial flow. Windward noted there were as many as 47 vessels in dark mode in the Strait that were not attempting to move, as well as ship-to-ship transfer activity.
According to data from Bloomberg cited by Zerohedge, at least 19 tankers carrying crude oil and liquefied petroleum gas from Gulf states other than Iran had crossed the Strait of Hormuz since March 1. However, the data also showed that another 100 tankers remained paralyzed in the strait.
Interactive table based on the Store Companies dataset for this report.
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#
Company
Headquarters
Focus
Scale
Note
1
China National Petroleum Corporation (CNPC)
Beijing
Integrated oil and gas
National champion
Largest oil producer in China
2
China Petrochemical Corporation (Sinopec Group)
Beijing
Integrated refining and chemicals
National champion
World’s largest refiner
3
China National Offshore Oil Corporation (CNOOC Group)
Beijing
Offshore oil and gas
National champion
Dominant offshore producer
4
Sinochem Energy
Beijing
Oil trading, refining, storage
Large state-owned
Major state trader and operator
5
Yanchang Petroleum
Yan’an, Shaanxi
Integrated oil and gas
Large state-owned
Oldest Chinese oil company
6
ChemChina (Now part of Sinochem Holdings)
Beijing
Chemicals, refining assets
Large state-owned
Holds refining capacity
7
North China Petrochemical
Beijing
Refining and petrochemicals
Large
Key regional refiner
8
Zhejiang Petroleum & Chemical
Zhoushan, Zhejiang
Refining and petrochemicals
Large private
Major private integrated complex
9
Hengli Petrochemical
Dalian, Liaoning
Refining and petrochemicals
Large private
Major private refiner
10
Rongsheng Petrochemical
Hangzhou, Zhejiang
Refining and petrochemicals
Large private
Key private sector player
11
Shenghong Petrochemical
Suzhou, Jiangsu
Refining and petrochemicals
Large private
Major integrated complex
12
Shandong Dongming Petrochemical Group
Heze, Shandong
Refining
Large private
One of largest independent refiners
13
China National Aviation Fuel Group
Beijing
Jet fuel supply and trading
Large state-owned
Dominant aviation fuel supplier
14
Bora Petrochemical
Panjin, Liaoning
Refining and petrochemicals
Large
Significant regional refiner
15
Shandong Lianmeng Petrochemical Group
Dongying, Shandong
Refining
Large private
Major Shandong independent refiner
16
Shandong Haiyou Petrochemical Group
Binzhou, Shandong
Refining
Large private
Key Shandong refiner
17
Guangdong Jialong Petrochemical
Huizhou, Guangdong
Petrochemicals
Large
Key southern China player
18
Shaanxi Yanchang Petroleum Group
Xi’an, Shaanxi
Integrated oil and gas
Large state-owned
Provincial oil giant
19
Xinjiang Guanghui Industry
Urumqi, Xinjiang
Oil and gas, LNG
Large private
Major energy player in West China
20
China Oil & Gas Group
Beijing
Natural gas distribution
Mid-large
Pipelines and city gas
21
China Zhenhua Oil
Beijing
Oil exploration and trading
Mid-large state-owned
Upstream and international assets
22
China National Chemical Corporation (ChemChina)
Beijing
Chemicals, oil assets
Large state-owned
Holds legacy oil operations
23
Shanghai Petrochemical
Shanghai
Refining and chemicals
Large
Sinopec subsidiary, listed
24
PetroChina Company Limited
Beijing
Integrated oil and gas
Giant listed
CNPC’s listed flagship
25
Sinopec Corp.
Beijing
Integrated refining and chemicals
Giant listed
Sinopec Group’s listed arm
26
CNOOC Limited
Beijing
Offshore oil and gas
Giant listed
CNOOC Group’s listed arm
27
China Oilfield Services Limited (COSL)
Beijing
Offshore oilfield services
Large
CNOOC subsidiary
28
Sinopec Kantons Holdings
Hong Kong
Pipeline and storage
Mid-large
Sinopec midstream asset
29
China Gas Holdings
Hong Kong
Natural gas distribution
Large
Major city gas operator
30
ENN Energy Holdings
Langfang, Hebei
Natural gas distribution
Large private
Major private gas distributor
This report provides a comprehensive view of the crude oil and processed petroleum industry in China, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the crude oil and processed petroleum landscape in China.
Quick navigation
Key findings
Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.
Report scope
The report combines market sizing with trade intelligence and price analytics for China. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.
Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageCrude Oil and Processed PetroleumCountry coverageCountry profile and benchmarks
This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for China. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.
Methodology
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
Forecasts to 2035
The forecast horizon extends to 2035 and is based on a structured model that links crude oil and processed petroleum demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in China.
Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies
Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Price analysis and trade dynamics
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report
Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of crude oil and processed petroleum dynamics in China.
FAQ
What is included in the crude oil and processed petroleum market in China?
The market size aggregates consumption and trade data, presented in both value and volume terms.
How are the forecasts to 2035 built?
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Does the report cover prices and margins?
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
Which benchmarks are included?
The report benchmarks market size, trade balance, prices, and per-capita indicators for China.
Can this report support market entry decisions?
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
1. INTRODUCTION
Report Scope and Analytical Framing
Report DescriptionResearch Methodology and the Analytical FrameworkData-Driven Decisions for Your BusinessGlossary and Product-Specific Terms2. EXECUTIVE SUMMARY
Concise View of Market Direction
Key FindingsMarket TrendsStrategic ImplicationsKey Risks and Watchpoints3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH
Market Size, Growth and Scenario Framing
Market Size: Historical Data (2012-2025) and Forecast (2026-2035)Growth Outlook and Market Development Path to 2035Growth Driver DecompositionScenario Framework and Sensitivities4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES
Commercial and Technical Scope
What Is Included and How the Market Is DefinedMarket Inclusion CriteriaProduct / Category DefinitionExclusions and BoundariesDistinction From Adjacent Products and Substitute Categories5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX
How the Market Splits Into Decision-Relevant Buckets
By Product Type / ConfigurationBy Application / End UseBy Customer / Buyer TypeBy Channel / Business Model / Technology PlatformSegment Attractiveness MatrixProduct Matrix and Segment Growth Logic6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE
Where Demand Comes From and How It Behaves
Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)Demand by End-Use and Buyer GroupDemand by Customer / Consumer SegmentPurchase Criteria, Switching Logic and Adoption BarriersReplacement, Replenishment and Installed-Base DynamicsFuture Demand Outlook7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN
Supply Footprint and Value Capture
Production in the CountryDomestic Manufacturing FootprintCapacity, Bottlenecks and Supply RisksValue Chain Logic and Margin PoolsDistribution and Route-to-Market Structure8. IMPORTS, EXPORTS AND SOURCING STRUCTURE
Trade Flows and External Dependence
ExportsImportsTrade BalanceImport DependenceSourcing Risks and Resilience9. PRICING, PROMOTION AND COMMERCIAL MODEL
Price Formation and Revenue Logic
Domestic Price Levels and CorridorsPricing by Segment / Specification / ChannelCost Drivers and Margin LogicPromotion, Discounting and Procurement PatternsRevenue Quality and Commercial Levers10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER
Who Wins and Why
Market Structure and ConcentrationCompetitive ArchetypesSegment-by-Segment Competitive IntensityPortfolio Breadth and Product PositioningCapability MatrixStrategic Moves, Partnerships and Expansion Signals11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC
How the Domestic Market Works
Core Demand CentersLocal Production and Distribution RolesChannel StructureBuyer and Procurement ArchitectureRegional Imbalances Within the Country12. GROWTH PLAYBOOK AND MARKET ENTRY
Commercial Entry and Scaling Priorities
Where to PlayHow to WinDistributor / Partner / Direct Entry OptionsCapability ThresholdsEntry Risks and Mitigation13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES
Where the Best Expansion Logic Sits
Most Attractive Product NichesMost Attractive Customer SegmentsWhite Spaces and Unsaturated OpportunitiesHigh-Margin and Underpenetrated PocketsMost Promising Product Adjacencies14. PROFILES OF MAJOR COMPANIES
Leading Players and Strategic Archetypes
Leading Manufacturers and SuppliersProduction Footprint and CapacitiesProduct Portfolio and Segment FocusPricing Positioning and Indicative Price LogicChannel / Distribution StrengthStrategic Archetypes15. METHODOLOGY, SOURCES AND DISCLAIMER
How the Report Was Built
Modeling LogicSource RegisterPublications, Regulatory and Industry ReferencesAnalytical NotesDisclaimer
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China National Petroleum Corporation (CNPC)
Largest oil producer in China
China Petrochemical Corporation (Sinopec Group)
World’s largest refiner
China National Offshore Oil Corporation (CNOOC Group)
Dominant offshore producer
Sinochem Energy
Major state trader and operator
Yanchang Petroleum
Oldest Chinese oil company
ChemChina (Now part of Sinochem Holdings)
Holds refining capacity
North China Petrochemical
Key regional refiner
Zhejiang Petroleum & Chemical
Major private integrated complex
Hengli Petrochemical
Major private refiner
Rongsheng Petrochemical
Key private sector player
Shenghong Petrochemical
Major integrated complex
Shandong Dongming Petrochemical Group
One of largest independent refiners
China National Aviation Fuel Group
Dominant aviation fuel supplier
Bora Petrochemical
Significant regional refiner
Shandong Lianmeng Petrochemical Group
Major Shandong independent refiner
Shandong Haiyou Petrochemical Group
Key Shandong refiner
Guangdong Jialong Petrochemical
Key southern China player
Shaanxi Yanchang Petroleum Group
Provincial oil giant
Xinjiang Guanghui Industry
Major energy player in West China
China Oil & Gas Group
Pipelines and city gas
China Zhenhua Oil
Upstream and international assets
China National Chemical Corporation (ChemChina)
Holds legacy oil operations
Shanghai Petrochemical
Sinopec subsidiary, listed
PetroChina Company Limited
CNPC’s listed flagship
Sinopec Corp.
Sinopec Group’s listed arm
CNOOC Limited
CNOOC Group’s listed arm
China Oilfield Services Limited (COSL)
CNOOC subsidiary
Sinopec Kantons Holdings
Sinopec midstream asset
China Gas Holdings
Major city gas operator
ENN Energy Holdings
Major private gas distributor
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