China's crude oil output dips further in OctoberStaff Writer | November 19, 2016
China's crude oil output fell again in October as refineries continued to cut output due to low oil prices.
Energy Flagging oil prices
Imports, on the other hand, have been moving upward since private refineries were given permission to import crude last year.
In the first 10 months of the year, imports rose 13.6 percent year on year to 312 million tonnes, while refined oil output gained 2.5 percent.
China's oil companies plan to reduce crude 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. ■