China's crude oil output falls 3.4%

BEIJING - China's crude oil output fell 3.4 percent year-on-year in the first ten months as refineries cut production and imported more due to high exploitation costs, data from the National Development and Reform Commission showed.

Crude oil output came in at 160 million tons during the period, which saw 466 million tons of crude refined, up 7.9 percent year-on-year.

For the January-October period, consumption of refined oil stood at 256 million tons, rising 6.8 percent year-on-year.

China is one of the world's largest oil buyers, with over 60 percent of its oil consumption coming from imports. China imported 349 million tons of crude oil in the first ten months, up 11.8 percent year-on-year.

Meanwhile, natural gas output totaled 121 billion cubic meters, gaining 11.2 percent year-on-year.

China aims to increase domestic crude oil output to 200 million tons by 2020, while supply capacity for natural gas should exceed 360 billion cubic meters.

Major tasks for the oil industry include accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives.