22.Mar .2021 23:30

Global Economy Gets COVID-19 Shot from US Stimulus, but Pre-existing Conditions Worsen

Global Economy Gets COVID-19 Shot from US Stimulus, but Pre-existing Conditions Worsen
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From January to February, the production of raw coal, natural gas and electric power in large-scale industries increased rapidly over the same period of last year, while the production of crude oil remained stable. Taking January February 2019 as the base period, the average growth of raw coal, crude oil and electric power production in two years was relatively stable, while the average growth of natural gas production in two years was relatively fast.
 
The production of raw coal increased rapidly in the same period, with a slight decrease in the daily average month on month. From January to February, 620 million tons of raw coal were produced, a year-on-year increase of 25.0 percent, an increase of 17.1 percent compared with January to February 2019, and an average increase of 8.2 percent in two years; the average daily output was 10.47 million tons, a decrease of 880,000 tons compared with December last year. The import of coal was 41.13 million tons, a year-on-year decrease of 39.5 percent, reads the recent data of the National Bureau of Statistics of China. 
 
The comprehensive trading price of port coal fell from a high level. On February 26, the prices of 5500, 5000 and 4500 kcal coal in Qinhuangdao Port were 613, 550 and 494 yuan per ton respectively, which were 132, 124 and 89 yuan lower than the highest price on January 22.
 
Crude oil production maintained a stable growth year-on-year and increased on a daily average month on month basis. From January to February, 32.08 million tons of crude oil were produced, a year-on-year increase of 0.4 percent, 4.1 percent higher than that from January to February in 2019, and an average increase of 2.0 percent in two years; the average daily output was 544,000 tons, an increase of 19,000 tons compared with that in December last year. The crude oil processed was 114.24 million tons, a year-on-year increase of 15.0 percent, an increase of 10.6 percent over January to February 2019, and an average increase of 5.2 percent in two years; the average daily processing was 1.936 million tons, an increase of 1,000 tons over December last year.
 
Crude oil imports increased slightly and international crude oil prices continued to rise. The imported crude oil was 89.57 million tons, a year-on-year increase of 4.1 percent; the international crude oil price continued to rise. The spot offshore price of Brent crude oil on February 26 was 65.86 USD per barrel, up 30.8 percent from 50.37 USD per barrel on January 4.
 
The production of natural gas was growing rapidly in the same period, and the daily average was stable on a month-on-month basis. From January to February, 34.8 billion cubic meters of natural gas were produced, a year-on-year increase of 13.5 percent, a 22.5 percent increase over January to February 2019, and an average increase of 10.7 percent in two years; the average daily output was 590 million cubic meters, a decrease of 10 million cubic meters over December last year. The import of natural gas was 20.8 million tons, up 17.4 percent year on year.
 
The power production had a rapid growth year on year, with a steady annual growth in two years, and the daily average had dropped somewhat month on month. From January to February, the generating capacity was 1,242.8 billion kwh, up 19.5 percent year on year, 9.7 percent higher than that from January to February in 2019, with an average growth of 4.7 percent in two years; the average daily generating capacity was 21.06 billion kwh, down 2.41 billion kwh from December last year.
 
In terms of varieties, except hydropower, thermal power, nuclear power, wind power and solar power all showed double-digit growth. Among them, thermal power increased by 18.4 percent on a year-on-year basis, taking January to February 2019 as the base period, with an average growth of 3.9 percent in two years; hydropower increased by 8.5 percent, with an average decline of 2.2 percent in two years; nuclear power increased by 23.4 percent, with an average growth of 9.9 percent in two years; wind power increased by 49.0 percent, with an average growth of 21.9 percent in two years; solar power increased by 25.8 percent, with an average growth of 18.7 percent in two years.