China’s crude oil output fell by 3.4% y-o-y over the Jan.-Oct. period

China’s crude oil output fell 3.4% y-o-y in the first ten months of the year as refineries cut production and imported more due to high exploitation costs, data from the National Development and Reform Commission showed.

Crude oil output came in at 160 million tonnes during the period, which saw 466 million tonnes of crude refined, up 7.9% y-o-y.

For the January-October period, consumption of refined oil stood at 256 million tonnes, rising 6.8 percent year on year.

China is one of the world’s largest oil buyers, with over 60 percent of its oil consumption coming from imports. China imported 349 million tonnes of crude oil in the first ten months, up 11.8 percent year on year.

Meanwhile, natural gas output totalled 121 billion cubic meters, gaining 11.2 percent year on year.

China aims to increase domestic crude oil output to 200 million tonnes by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters.
Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.

 

Source: Xinhua