Business / Industries

China's crude oil output fell 5.1%

(Xinhua) Updated: 2016-09-02 11:19

BEIJING - China's crude oil output fell 5.1 percent year on year in the first seven months of 2016 as refineries increased imports amid sluggish global oil prices, data from the National Bureau of Statistics showed on Thursday.

From April to July, each month crude oil output dropped 5.6 percent, 7.3 percent, 8.9 percent and 8.1 percent year on year, respectively.

In the first seven months, China's crude oil imports rose 12.1 percent compared with the same period last year. The increase was a combination of the results of weak global crude prices and private refineries obtaining import quotas.

China's oil giants plan to reduce oil output due to flagging prices. Sinopec, the largest oil refiner in China, and PetroChina, the largest oil and gas producer, have both lowered their oil production targets for 2016.

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