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 tonnes during the period, which saw 51 million tonnes 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 tonnes 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 tonnes by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters.
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Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) member states agreed on Friday to increase oil production.
OPEC decided to increase its oil output after Friday’s meeting, announcing that countries will “strive to adhere to the overall conformity level of OPEC-12, down to 100 percent, as of 1 July 2018…,” according to a conference statement. Xinhuanet
