China’s Crude Oil Output Slips in First Half of 2016

China’s Crude Oil Output Slips in First Half of 2016

According to the National Development and Reform Commission (NDRC), China’s crude oil output dropped by 4.8% year-on-year to 100.45m tons in H1 of 2016, reported China Daily.

Xinhua wrote that the drop came as the oil companies in China, the world’s second-biggest crude consumer, reduce output due to low crude prices. The world’s biggest refiner, China Petroleum & Chemical Corp. (Sinopec), plans on cutting production by 7.5% this year, while PetroChina, the nation’s largest oil producer, aims to reduce output by 4.8%. Bloomberg added that both companies have said that they will shut down high-cost fields in 2016 after prices crashed to the lowest since 2003.

From January to June 2016, China has refined 256m tons of crude oil, up 8.9% year-on-year. Output of refined oil products rose by 7.1% to 159m tons, while consumption of refined products has risen by 4.4% to 141m tons, according to China Daily.

During the same period, natural gas output has increased by 2.9% to 67.5bcm, imports burst by 21.2% to 35.6bcm, and natural gas consumption rose by 9.8% year-on-year to 99.5bcm. According to Bloomberg, this indicates Beijing’s intentions to shift toward the cleaner-burning fuel.


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