China crude oil output rises 2.5 percent


 China Crude oil output rises 2.5 percent

Crude oil output in China totalled 160 million tonnes in the first three quarters, a year on year increase of 2.5 percent, data from the top economic planner showed on Wednesday.

China refined 355 million tonnes of crude during the period, up 3.2 percent year on year, while refined oil production rose 4.7 percent to 224 million tonnes, the National Development and Reform Commission said in an online statement.

Apparent consumption of refined oil, calculated as production plus imports minus exports, increased 2.7 percent from a year earlier to 207 million tonnes.

In a separate statement, the planner said natural gas output totaled 96.6 billion cubic meters from the January-September period, up 3.7 percent year on year.

Imports of natural gas saw an increase of 2.9 percent to 43.6 billion cubic meters, while apparent consumption came in at 132 billion cubic meters, the commission said.

Chen Rui, a senior researcher with the CNPC Economics and Technology Research Institute, forecast last month that China's oil demand would peak around 2030, at 680 million tonnes.

By 2020, China's reliance on oil imports will rise from the current 60 percent to 67.1 percent in 2020 and 70.6 percent in 2030, according to Chen.

Source from : Global Chemical Network