In 2018

the petroleum and chemical industries of China achieved steady economic growth. The main business income of the entire industry was 12.4 trillion CNY

an increase of 13.6% over the previous year. The total profit was 83.93 billion CNY

an increase of 32.1% over the previous year. The total national oil and gas production reached 334 million tons of oil equivalent

increasing by 2.4% year-on-year. Among the total production

crude oil production was 189 million tons

decreased 1.2%

and natural gas production was 161.02 billion cubic meters

increased 7.5% year on year. Imported crude oil production was 462 million tons

an increase of 10.1% over the last year. Imported gas production was 125.72 billion cubic meters

increased 31.9%. The annual processing capacity of crude oil was 604 million tons

up by 6.8%. The refined oil production was 360 million tons

up by 3.6%. The industry structure was optimized for production growth in 2018

the transformation and upgrading of enterprises and products structure adjustment were sped up

energy efficiency was improved

and overall industrial benefit was rebounded. At present

the economic operation of the industry is still not very stable

and downward pressure is still great

mainly being reflected in the overcapacity of some industries

high cost operation of enterprises

increased tax burden

and weak investment. With the slow recovery of the global economy and the key support of high-quality development through technological innovation

it is expected that the petroleum and chemical industry of China will achieve the general objective of steady growth in 2019.