Observing the perspective of production and production: Intensified production and sales prices under the pressure of high oil prices

The domestic oil price, which is already “high above the surface”, faces tremendous pressure to increase prices again as international oil prices continue to rise and break the $70 mark per barrel.
The increase in the price of production and sales increased in August 29, the United States New York Mercantile Exchange, crude oil prices all the way higher, the price of 70 US dollars per barrel once fell.
On the same day, Sinopec, the largest refined oil product processing and sales company in Asia, formally announced its operating performance for the first half of the year. It announced that the company achieved a profit of 18 billion yuan in the first half of the year, a year-on-year increase of 20%; the company decided to pay a dividend for the first half of the year for RMB 0.04 yuan.
This seemingly plentiful report card did not satisfy Sinopec shareholders. A shareholder who surnamed Zhang said: “Sinopec’s operating income increased by more than 30% in the first half of the year compared with the same period last year, but profits increased by only 20%. This clearly shows that some of the profits were consumed.”
Why didn't Sinopec's turnover increase its profits rise year-on-year? It is understood that the main reason is due to the loss of its refining system. The reason for the loss of the refining system is due to the inversion of domestic oil prices. In other words, this is a "policy loss."
Our country implements an oil price mechanism that is in line with international standards. Since the beginning of this year, international oil prices have continued to rise. In order to stabilize the domestic oil market, although the country has repeatedly raised domestic oil prices, it has not reached the level of international oil prices. As a result, the domestic oil market has seen a phenomenon that the price of refined oil after refining is lower than that of crude oil that has not been refined.
In the summer, this phenomenon is even more serious. According to a person in charge of the headquarters of Sinopec, at most domestic barrels of diesel are more than 20 US dollars cheaper than international barrels of crude oil. In addition to the processing fee, Sinopec will lose nearly 30 U.S. dollars to a barrel of crude oil. In terms of operating performance in the first half of the year, Sinopec lost 1.296 billion yuan in the refining sector in the first half of the year, a year-on-year drop of 130%, and a profit of 6.643 billion yuan in the refined oil sales segment, a decrease of 22.48% year-on-year.
"Recently, the problem of domestic oil price upside down has not only been solved, but has intensified. Now that international oil prices have broken through the threshold of 70 US dollars per barrel, 70% of the crude oil refined by Sinopec is imported crude oil. If the domestic oil price does not increase, then the company's operating losses It will intensify," said the person.
Whether the domestic oil supply is tight again In August, due to various factors such as typhoon, in some parts of China's Guangdong Province, there have been few oil supply shortages since the founding of the People’s Republic of China, and even some oil-free areas can be added. At present, the tension in oil supply in these places has basically eased.
Gao Shixian, a researcher at the Energy Research Institute of the National Development and Reform Commission, told reporters that the current rise in international oil prices is caused by a variety of factors. Judging from the near to medium term, international oil prices continue to rise, and rising to a new high of US$80 per barrel is not impossible. Under such circumstances, if the domestic oil price does not adjust for a long time, one of the possible consequences is that domestic oil supply is once again strained.
An oil media veteran told reporters that although the headquarters decision-making layers of Sinopec and PetroChina require the entire company to maintain the market regardless of profit or loss, at the grass-roots operation level, employees’ wages are directly linked to the workload and work effectiveness. The more you do, the more you will lose. Moreover, in the case of price inversion, social gas stations have mostly stopped selling oil because they are not profitable.
The price adjustment should be prudent. “Oil prices can't really rise anymore.” Mr. Liu worked in a certain media in Beijing. He just bought more than 90,000 yuan of Jetta sedans last year. He did not expect oil prices to rise all the way soon. He was excited to hear that the price of oil may go up. He told reporters: “The price of gasoline No. 93 has risen from 2.85 yuan per liter at the lowest level to 4.26 yuan per liter. Now, at this price, I can hold my teeth. If oil prices continue to rise in the future, Really can't stand it."
Dr. Xin Ming of the Central Party School Research Office said in an interview that the rise in oil prices will involve the interests of the automobile, shipping, aviation and other industries, and will have a greater impact on farmers and taxi drivers. If oil prices continue to rise, and no corresponding compensation measures are taken, they will directly affect the normal lives of these people and the normal operations of these companies.
“From a macroeconomic point of view, the current upstream industries such as steel, coal, coking, and electrolytic aluminum have experienced significant price declines, an increase in inventory, and an expected decline in corporate profits. If oil prices rise again, they will continue to suppress these industries. The profit margin increases the pressure of macroeconomic deflation, Xin Ming said.

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