China’s June Crude Oil Output Falls 2.3% in June

OILMONSTER.COM- China's crude oil output fell 2.3 percent year on year in June, data from the National Bureau of Statistics (NBS) showed Monday.

Crude oil output came in at 15.85 million tonnes last month, and 49.78 million tonnes of crude were refined, up 8 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 225 million tonnes of crude oil in the first half of the year, up 5.8 percent from the same period last year.

Meanwhile, natural gas output in June totaled 12.18 billion cubic meters, gaining 5.6 percent year on year.

China aims to increase domestic crude oil output to 200 million tonnes 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.

 Courtesy: www.reuters.com