China’s domestic crude oil output falls to lowest in 6 years
China’s crude oil imports increased to about 7.77 million barrels a day in August, the highest in four months, according to General Administration of Customs data. Imports during the first eight months of the year are up more than 13%.
Imports of crude are expected to be high in September as well as oil processors are ending their peak maintenance season.
Analysts also noted that China has been producing less crude oil since state-run companies have been shutting fields that are too expensive after prices fell this year.
Despite the lower production in China and increase in imports in recent months, the International Energy Agency said early this week that the surplus of crude oil currently in place will persist into late next year.
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