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Crude oil output drops in H1

Updated: Jul 24,2016 5:18 PM     Xinhua

China’s crude oil output dropped 4.8 percent year on year to 100.45 million tonnes in H1, according to the National Development and Reform Commission (NDRC).

The drop came as China’s oil companies plan to reduce output due to low crude prices. Sinopec, the largest refiner, plans to cut production by 7.5 percent this year, while PetroChina, the largest producer, aims to reduce output by 4.8 percent.

From January to June, China refined 256 million tonnes of crude oil, up 8.9 percent year on year. Output of refined oil products rose 7.1 percent to 159 million tonnes, while consumption of refined products rose 4.4 percent to 141 million tonnes.

In the same period, natural gas output rose 2.9 percent to 67.5 billion cubic meters, while imports surged 21.2 percent to 35.6 billion cubic meters.

Consumption of natural gas rose 9.8 percent year on year to 99.5 billion cubic meters, according to the NDRC.

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