China crude oil output rises 4.9% in August

BEIJING - Crude oil output in China reached 18.3 million tons in August, a year on year increase of 4.9 percent, data from the top economic planner showed.

China refined 40.37 million tons of crude oil during the period, up 2.8 percent year on year, while refined oil production rose 3.7 percent to 25.15 million tons, the National Development and Reform Commission said in an online statement.

Apparent consumption of refined oil, calculated as production plus imports minus exports, increased 2.2 percent from a year earlier to 24.52 million tons.

In a separate statement, the planner said natural gas output totaled 10.6 billion cubic meters last month, up 3.8 percent year on year.

Imports of natural gas saw an increase of 1.4 percent to 4.7 billion cubic meters, while apparent consumption came in at 14.1 billion cubic meters, the commission said.

China's appetite for energy has grown substantially amid rapid industrialization and urbanization.

Last week, Chen Rui, a senior researcher with the CNPC Economics and Technology Research Institute, forecast China's oil demand will peak around 2030, estimated at 680 million tons.

By 2020, China's reliance on oil imports will rise from the current 60 percent to 67.1 percent in 2020 and 70.6 percent in 2030, according to Chen.