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Transitions in the Chinese market for refined petroleum products

by Walls, W. D., Leung, G. and Li, R.

China's rapidly rising crude oil consumption has been a cause of concern, both for China's own energy security and the effects this rising demand has on world oil markets. However, one must disaggregate the domestic Chinese demand for petroleum products to reveal what sort of policy options might be sensible. In this research, we provide a simple empirical characterisation of recent transitions in China's market for refined petroleum products. This study discusses the factors that affect the demand for various petroleum products to enhance our understanding of China's oil economy. Policy options currently being considered by China's leaders are discussed in light of our empirical findings.

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