China Oil & Gas Report Q3 2018
China's upstream focus will continue to shift towards natural gas, as the government's aggressive coal-to-gas switchingpolicy drive-up the need for more gas supply, both in the form of stronger indigenous production and imports. Conservative oiloutput targets by China's three state-owned majors suggest that the country's crude woe has further to go, with CNOOC's newoffshore projects providing limited support to overall output. Risks to domestic consumption lie to the downside, although China willremain a formidable market for refined fuels and petrochemical products. Domestic refining output will continue to exceeddemand, however, sustaining China's surging fuels exports to the region, squeezing margins and pressuring prices.
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