China’s crude oil output falls 1.6% in May

2018-06-23
Xinhua

BEIJING — China’s crude oil output fell 1.6 percent year-on-year in May, data from the National Development and Reform Commission showed.

Crude oil output came in at 16 million tons during the period, which saw 51 million tons of crude refined, up 8.2 percent year-on-year.

China is one of the world’s largest oil buyers, with over 60 percent of its oil consumption coming from imports. The country imported 39 million tons of crude oil last month, up 5 percent from the same period last year.

Meanwhile, natural gas output totaled 12.6 billion cubic meters, gaining 5.9 percent year-on-year.

China aims to increase domestic crude oil output to 200 million tons by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters.

Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.