Chinese economy growing while oil production shrinks

18 Apr 2017   China

China reports better-than-expected economic growth, but lower domestic crude oil production. File photo by Stephen Shaver/UPI. April 17 (UPI) — While posting better-than-expected growth for the first quarter, the Chinese statistics bureau said Monday that crude oil production was down from last year. China reported crude oil production down 6.8 percent compared with the first quarter of 2016. The National Bureau of Statistics reported Monday that national output was lower because industry costs were elevated, oil imports increased and refineries curbed activity. According to the official Xinhua News Agency, China produced 350 million barrels of oil during the first quarter. The official news agency stated that “accelerating exploration to ensure domestic oil supply, speeding up construction of pipeline networks and developing clean alternatives” are among the national priorities for the Chinese energy sector. According to pricing agency S&P Global Platts, China’s oil demand is up 5.3 percent year-over-year because […]

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