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According to the latest analysis from the China Petroleum and Chemical Industry Association, the production of oil and chemical products remained stable in August. While most products continued to show positive growth, the rate of increase was slightly lower compared to previous months due to a higher base from the same period last year. The domestic chemical market saw prices stabilize, with only synthetic resins experiencing a significant upward trend. Meanwhile, the prices of most other products fluctuated, and there was a general decline in the cost of chemical fertilizers and rubber chemicals.
New production capacities coming online have driven faster growth in sectors such as urea, tires, two alkalis, calcium carbide, coatings, and composite materials. According to the association's data, out of 65 major oil and chemical products tracked in August, 54 showed an increase—accounting for 83.1% of the total, which marked the lowest monthly growth rate since the start of the year. Among these, 33 products recorded increases of over 10%, representing 50.8% of the total.
Oil and gas production remained steady in August. Crude oil output reached 15.543 million tons, matching the level from the same period last year. Natural gas production totaled 4.82 billion cubic meters, reflecting a year-on-year increase of 15.3%, which was the smallest monthly rise this year.
Looking at price trends, among the 155 chemical products monitored, 68 (43.9%) saw an increase compared to July, while 63 (40.6%) experienced a decline. Prices showed mixed movements month-on-month, with some rising and others falling. When compared to the same period last year, 47.7% of products saw price increases, while 37.4% saw decreases. This volatility was particularly evident in organic chemical raw materials and synthetic resins.