Crude Oil Output Falls

Due to production cuts and higher imports, China’s crude oil output slipped 8% YoY during the first two months of 2017, according to data from the National Bureau of Statistics. Crude oil output totaled 31.4 million tons during the period, whereas imports increased 12.5% YoY to 65.8 million tons. China’s goal is to increase domestic crude oil output to 200 million tons before 2020 and to have supply capacity for natural gas exceed 360 billion cubic meters.