- A.D. Oil flow has been declining since May 2020
- Operating rates were down 63% in August and 64.4% in July -JCL
- Oil production increased by 2.3% and gas by 11.3% in August
BEIJING, Sept. 15 (Reuters) – Crude oil production in China continued to fall in August, with the resurgence of coronavirus cases and a sharp drop in oil export quotas affecting production at refineries in August.
Compensation in August was 58.35 million tonnes, or 13.74 million barrels (bpd), down 2.2% from a year ago, according to data from the National Bureau of Statistics (NBS) on Wednesday. That was less than 13.91 million BPD in July, a 14-month low.
A.D. In the first eight months of 2021, gross domestic product reached 470.79 million tons, up 7.4% from a year ago, reflecting the recovery of the primary economy from the Covide-19 epidemic.
Analysts say Beijing’s oil refinery has cut its export quotas to offset some product losses in the wake of declining imports. Read more
Sinopec Corporation of the High Filter In August 2021, it reported less than 10% of its oil exports in the first half of the year, and crude oil flows are expected to remain flat in the second half and a year ago due to export controls. Read more
According to a China-based JCL consultant, low operating rates are estimated at 63% for free fuels and 64.4% in July.
According to NBS data, China’s crude oil exports fell by 17.03 million tons in August, up 2.3% from a year earlier.
Production increased from 2.4 percent in the first eight months of the year to 133.22 million tons.
Natural gas production rose from 11.3% last month to 15.9 billion cubic meters (BCM), and from January to August production increased by 10.8% to 136.1 BCM.
I do not hold a chain in Singapore and a report by Muyu Hu in Beijing; Correction by Himani Sarkar
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