Sponsored by China Mining Association (CMA)
About Chinese Contribution

Home >> News >> Mining Market

China's crude oil output dips further

Updated: 2016-11-18 10:24

    China's crude oil output fell again in October as refineries continued to cut output due to low oil prices.

    Crude oil output by producers with annual core business revenues above 20 million yuan (2.9 million US dollars) dipped 11.3 percent year on year to 16.1 million tonnes in October, according to the National Bureau of Statistics.

    The decline was steeper than September's 9.8 percent drop.

    Imports, on the other hand, have been moving upward since private refineries were given permission to import crude last year.

    In the first 10 months of the year, imports rose 13.6 percent year on year to 312 million tonnes, while refined oil output gained 2.5 percent.

    China's oil companies plan to reduce crude oil output due to flagging prices. Sinopec, the largest oil refiner in China, and PetroChina, the largest oil and gas producer, have both lowered their oil production targets for 2016.

    On Wednesday, the National Development and Reform Commission announced the largest cut this year in retail prices of gasoline and diesel, tracking slumping international crude prices dragged down by a strong US dollar and rising crude reserves in the United States.


Comment: Name ValidCode View Comment
  Copyright 2001-2010. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Mining Association (CMA). Without written authorization from CMA, such content shall not be republished or used in any form.
If you have any suggestion or opinion, please contact us: (8610) 66557688 or
Note: Browsers with 1024*768 or higher resolution is suggested for this site. Mail Server