Development of domestic petroleum and chemical industry slowed down in November 2018. Stability in supply and demand was maintained. Profits kept rising rapidly, while costs fell continually. Economic growth structure was optimized continually, and risk resistance capacity was strengthened. However, some problems still existed, like weak investment, sluggish growth in market demand for major chemicals, etc.

Main business revenue of the petroleum and chemical industry reached RMB11.71 trillion (up 14.6% YoY) in the first 11 months of 2018, and total profits were up 35.9% YoY to RMB850.8 billion (annual profits are forecast to exceed RMB900 billion). Combined output of crude oil and natural gas was up 1.8% YoY to 302 million tons in the first 11 months of 2018, and that of major chemicals was up around 2.5% YoY. 

In November 2018, crude oil output was down 1.3% YoY to 15.53 million tons, natural gas output was up 10.1% YoY to 14.27 billion cubic meters, and LNG output was up 7.9% YoY to 837 000 tons. China processed 50.46 million tons (up 2.9% YoY) of crude oil in the same month, and produced 30.53 million tons of oil products (gasoline, kerosene and diesel). In detail, output of diesel was down 6.2% YoY to 14.67 million tons, that of gasoline was up 7.1% YoY to 12.01 million tons, and that of kerosene was up 7% YoY to 3.84 million tons.

Ethylene output was down 6.2% YoY to 1.45 million tons in November 2018, methanol output was up 3.4% YoY to 3.97 million tons, coating output was up 5.4% YoY to 1.57 million tons, and chemical regent output was up 4.2% YoY to 1.57 million tons. As for others, sulfuric acid output was up 5.7% YoY to 7.63 million tons, caustic soda output was down 3% YoY to 2.84 million tons, and calcium carbide output was up 10.3% YoY to 2.33 million tons. Output of synthetic resin was up 1.6% YoY to 7.15 million tons, that of synthetic fiber monomer was down 1.2% YoY to 3.73 million tons, and that of cover tyres was down 2.1% YoY to 72.62 million pcs.

Chemical fertilizer output was down 1% YoY to 4.8 million tons in November 2018. In detail, output of nitrogen fertilizers was down 6.6% YoY to 2.85 million tons, that of phosphate fertilizers was down 2.4% YoY to 1.21 million tons, and that of potash fertilizers was up 33.5% YoY to 737 000 tons. In the same month, pesticide technical output was up 8.8% YoY to 201 000 tons, with herbicide output up 5.5% YoY to 94 000 tons. Agricultural film output was down 6.4% YoY to 103 000 tons.