Crude oil output adds 2.5% to 160m tons
Print Edition
Crude oil output in China totaled 160 million tons in the first three quarters, a year-on-year increase of 2.5 percent, data from the top economic planner showed yesterday.
China refined 355 million tons of crude during the period, up 3.2 percent year on year, while refined oil production rose 4.7 percent to 224 million tons, the National Development and Reform Commission said in an online statement.
Apparent consumption of refined oil, calculated as production plus imports minus exports, gained 2.7 percent from a year earlier to 207 million tons.
In a separate statement, the NDRC said natural gas output totaled 96.6 billion cubic meters from January to September, up 3.7 percent year on year.
Imports of natural gas gained 2.9 percent to 43.6 billion cubic meters, while apparent consumption was 132 billion cubic meters, the NDRC 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 tons.
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.
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