China sees record crude output
Source: Bloomberg News |
January 24, 2013, Thursday
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Print Edition
Print Edition
CHINA'S crude output rose to a record in December as output at one of its largest oilfields climbed to a record and the nation rallied from a seven-quarter economic slowdown.
China produced 17.94 million tons of crude last month, up 5.6 percent from a year earlier, according to an e-mailed statement from the China Federation of Logistics and Purchasing yesterday. That's equivalent to 4.24 million barrels a day. Output totaled 207.5 million tons in 2012, up 1.9 percent from 2011.
The country's crude processing rose to a record in December at 10.2 million barrels a day, data from the National Bureau of Statistics showed last Friday. The economy grew 7.9 percent in the fourth quarter. That's up from 7.4 percent in the previous period that was the weakest since the three months ended in March 2009.
"Oil producers are pumping up output to meet performance goals set at the start of the year," said Jean Zou, a retail oil analyst with C1 Energy. "We expect annual growth of 2 percent for this year."
Output at PetroChina Co's Changqing field will rise to 50 million this year from a record 45 million tons of oil and gas as of December 26, according to China National Petroleum Corp, the parent company.
China produced 17.94 million tons of crude last month, up 5.6 percent from a year earlier, according to an e-mailed statement from the China Federation of Logistics and Purchasing yesterday. That's equivalent to 4.24 million barrels a day. Output totaled 207.5 million tons in 2012, up 1.9 percent from 2011.
The country's crude processing rose to a record in December at 10.2 million barrels a day, data from the National Bureau of Statistics showed last Friday. The economy grew 7.9 percent in the fourth quarter. That's up from 7.4 percent in the previous period that was the weakest since the three months ended in March 2009.
"Oil producers are pumping up output to meet performance goals set at the start of the year," said Jean Zou, a retail oil analyst with C1 Energy. "We expect annual growth of 2 percent for this year."
Output at PetroChina Co's Changqing field will rise to 50 million this year from a record 45 million tons of oil and gas as of December 26, according to China National Petroleum Corp, the parent company.
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