China Oct crude oil production down 0.4% YoY

sxcoal.com Others 2017-11-15 09:38:00

China's crude oil output dipped 0.4% from a year ago in October, compared with 2.9% a month ago, showed data from the National Bureau Statistics (NBS) on November 14.


In October, daily crude oil output averaged 516,000 tonnes, sliding 2,000 tonnes from a month ago, data showed.


Over January-October, China's crude oil production totaled 160 million tonnes, down 4.1% year on year.


NBS's data also showed growth of imports and decline of refinery of the fossil material in October.


During the month, China imported 31.03 million tonnes of crude oil, up 7.8% on the year, shrinking 4.2 percentage points from September. The October imports were also 5.98 million tonnes or 16.16% less than the imports last month.


In January-October, the country's crude oil imports amounted to 350 million tonnes, up 11.8% year on year.


As year-on-year growth of refined oil's wholesale price receded from September among other factors, oil refinery's on-year growth dropped 5.3 percentage points from a year ago to 7.4% in October.


Specifically, the growth of gasoline, paraffin and diesel dropped 9.0, 8.7 and 5.6 percentage points from a month ago, respectively.


Daily oil refinery averaged 1.63 million tonnes, down 15,000 tonnes or 0.91% from the month prior.


In January-October, oil refinery totaled 470 million tonnes, up 5.0% year on year.


Crude oil prices increased in October, with Brent spot prices generally above $55/barrel FOB. By October 31, Brent spot prices stood at $61.4/barrel FOB, up $4.3/barrel from a month ago.


(Writing by Alex Guo  Editing by Harry Huo)
For any questions, please contact us by inqury@fwenergy.com or +86-351-7219322.

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