China's Crude Oil Output Drops 6% in October 2011 from Same Month Last Year

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Researched by Industrial Info Resources (Sugar Land, Texas)--In October 2011, China's crude oil output reached 16.52 million metric tons, a drop of 6% from October 2010, according to the Instant Statistical Report of the Petroleum and Natural Gas Industry, which was issued by the National Development and Reform Commission (NDRC) on November 16, 2011.

In October 2011, China's import of crude oil reached 19.99 million metric tons, an increase of 0.4% from October 2010; the processing volume of crude oil reached 33.7 million metric tons and the output of product oil reached 20.53 million metric tons, which were the same levels in October 2010; and the apparent consumption of product oil reached 21.24 million metric tons, up by 3.4%. Among product oils, the consumption of gasoline was up 7.3% and that of diesel was up 2.2%. As of the end of October, the stockpile of product oil was slightly reduced, but was higher than the previous year.

From January to October, China's accumulative output of crude oil reached 168.35 million metric tons, an increase of 0.8% from the same period last year; the accumulative import of crude oil reached 208.85 million metric tons, an increase of 8.6%; the accumulative processing volume of crude oil reached 337.07 million metric tons, up 3.8%; the accumulative output of product oil reached 204.77 million metric tons, up 4.4%; and the apparent consumption of product oil reached 201.84 million metric tons, up 5.6%. Among product oils, the consumption of gasoline was up 7.4% and that of diesel was up 4.7%.

For natural gas, both the domestic output and import continued to see steady growth. In October 2011, China's natural gas output reached 8.2 billion cubic meters, an increase of 3.1% from October 2010, and that of import reached 3.1 billion cubic meters. From January to October, the accumulative output of natural gas reached 82.6 billion cubic meters, an increase of 6.6%; that of import reached about 25 billion cubic meters, including 12.3 billion cubic meters from the Middle Asia and 12.7 billion cubic meters of liquefied natural gas (LNG).

The consumption of natural gas also rapidly continued its growth. From January to October, the apparent consumption of natural gas reached 104.1 billion cubic meters, up 20.4% from the same period last year. The consumption in October reached 11 billion cubic meters, an increase of 21.3% from October 2011.

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