China Sees Increase in July Crude Oil, Natural Gas Output from Year Earlier

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Researched by Industrial Info Resources China (Beijing, China)--China's crude oil output in July increased 0.5% to 17.38 million tonnes in comparison with the same month in 2013, while natural gas production grew 8.2% to 10.1 billion cubic meters, the National Development and Reform Commission said recently.

China's crude oil processing volume July reached 37.92 million tonnes, up 0.1% from the same month a year earlier, and its output of refined oil products rose 1.1% to 23.55 million tonnes, the commission reported.

Consumption of refined products fell 2.8% to 22.72 million tonnes, including a 1.3% drop in gasoline consumption and a 6.5% reduction in diesel consumption.

Refined oil product stockpiles at the end of July were 0.46 million tonnes less than that of a year earlier, and were 0.46 million tonnes less than that in June.

Crude oil imports by China totaled 23.75 million tonnes in July, a 9% reduction from July 2013. Natural gas imports increased 4.3% to 4.9 billion cubic meters. Natural gas consumption increased 3.1% 13.7 billion cubic meters.

From January through July, total oil production by China reached 121.16 million tonnes, up 0.5% from the same period last year. Crude oil processing volume increased 3.2% to 164.55 million tonnes. Refined oil product output for the seven-month period rose 4.8% to 164.55 million tonnes, and consumption of refined products increased 2.9% to 154.35 million tonnes, including an 8.1% increase in gasoline consumption and a 1.4% drop in diesel consumption.

China produced 73.3 billion cubic meters of natural gas during the first seven months of the year, an increase of 7.6% compared with the same period in 2013. Natural gas imports totaled 33.2 billion cubic meters, up 11%, and natural gas consumption increased 8% to 88.7 billion cubic meters.

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