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The international oil price is bullish on the import and export data of crude oil and refined oil products issued by the General Administration of Customs in January this year. In January, China imported 21.8 million tons of crude oil, which was a year-on-year increase of 27.41%. It was the first time in recent years that an import volume of over 20 million tons was achieved in January. ; Compared with December 2010, it also rose by 4.51%. In terms of crude oil import prices, due to the rise in Brent oil prices in January this year, China's crude oil import average price reached 88.50 US dollars / barrel, up 18.33% year-on-year, an increase of 6.76%. This shows that China’s demand for crude oil is still very strong, and crude oil prices are expected to remain high. Haitong Securities expects the average WTI crude oil price in 2011 to be US$85-95/bbl, up 6.25-18.75% year-on-year.
With the expected increase in oil prices, related industries are expected to usher in a new round of development space. Although the share of oil in the world's energy consumption structure will be reduced from the current 35% to 32%, oil will also dominate the world's energy consumption structure for a long time. Capital expenditures for oil exploration and production in China's upstream have grown rapidly. The number of wells drilled and the number of wells drilled have also rapidly increased. This will increase the demand for drilling. In the future, diamond drills will have a wider range of applications.
The oil drilling industry is expected to continue rising. From January to November last year, the total industrial output value of the oil drilling equipment manufacturing industry, the refining and chemical equipment manufacturing industry, and the metal pressure vessel manufacturing industry increased by 20.97%, 18.78%, and 17.41%, respectively, and completed industrial sales. The output value increased by 20.36%, 19.24% and 15.79% respectively. From the year-round situation, the increase in mining equipment is the most encouraging.
Given the stronger certainty of the global economic recovery this year, the growth of oil drilling equipment will be faster than last year and will reach more than 20%. At the same time, the growth in demand for crude oil will increase storage demand, and metal pressure vessel manufacturing will also grow steadily; the development of the downstream auto industry will drive demand for refinery and chemical equipment manufacturing. The industry believes that taking into account the particularity of the oil drilling industry, the barriers to entry are higher, and the status of leading companies in existing companies is more difficult to shake. The leading edge of companies with technology patents will become more apparent.
According to data released by the China Petroleum and Chemical Equipment Industry Association, as of November 2010, the total assets of the oil drilling equipment manufacturing industry was 108.271 billion yuan, a year-on-year increase of 16.22%, and the main business income was 100.906 billion yuan, a year-on-year increase of 16.82%, and total profit realized. 6.545 billion yuan, an increase of 22.59%. Driven by the increase in crude oil prices, the output value of oil drilling equipment manufacturing industry is expected to increase by more than 20% this year. In the three major sub-sectors of petrochemical equipment, drilling and production equipment is expected to benefit the most. Driven by its favorable momentum, Jiangding shares and Baode shares in domestic oil drilling and production equipment categories have enjoyed a good rally. Among them, Jiangding’s cumulative increase since January 26 has exceeded 30%.
January 18, 2019