China Oil & Gas Weekly: Crude Output Drops Marginally

China's crude oil output fell 0.1% year on year to 17.64 million tons in March, the National Bureau of Statistics said. Between January and March, crude oil output was up 0.2% to 51.34 million tons.
Source:thechinaperspective.com     Time:17 Apr 2014
 China's crude oil output fell 0.1% year on year to 17.64 million tons in March, the National Bureau of Statistics said. Between January and March, crude oil output was up 0.2% to 51.34 million tons.
China refined 41.92 million tons of crude oil in March, up 2.6% year on year, the National Bureau of Statistics said. Between January and March, China refined 121.31 million tons of crude oil, up 0.7% from the same period a year earlier.
China's natural gas output grew 7.6% year on year to 11 billion cubic meters in March, the National Bureau of Statistics said. Between January and March, natural gas output was up 7.2% to 32.3 billion cubic meters.
China's spending on oil products rose 7.2% year on year to 168.1 billion yuan in March, the National Bureau of Statistics said. Between January and March, the amount was up 6% to 454.2 billion yuan.
China became a net oil exporter on a monthly basis for the first time since January 2010 after exporting 2.74 million tons of oil products in March, which was up 35.6% from the previous month, according to customs figures. During the same month, oil imports were 2.37 million tons. Weak domestic demand was attributed to the phenomenon.
China exported no crude oil in March for the first time in five years, energy consultancy Platts said, adding that inventory of commercial oil have hit a four-year high amid sluggish demand. However, more refiners had been permitted to export oil products in the last few months.
China's crude oil imports rose 8.3% year on year to 74.72 million tons in the January-March period, according to customs figures.
China's refined oil imports fell 18.1% year on year to 8.54 million tons in the January-March period, according to customs figures.
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