China Grows Oil Production by 2.5%, Gas by 9.4% From January-October 2021 – Bureau

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File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)
(Xinhua/Wang Ying)

China has increased oil production by 2.5%, and natural gas by 9.4% year-on-year in the first ten months of 2021, the National Bureau of Statistics said on Monday.

Over the period in question, China produced 166.19 million tonnes of oil, marking a 2.5% rise compared to the same period of 2020, and a 4.2% increase from 2019. The volume of processed oil from January-October of this year reached 585.15 million tonnes, a 5.2% increase compared to the same period in 2020, and 8.3% compared to the previous year.

Over the last month, the country has produced 16.83 million tonnes of oil, marking a 3% rise year-on-year, while the volume of processed oil this October amounted to 58.4 million tonnes, a year-on-year decline of 3%, according to the office.

Over the first ten months of this year, China’s oil imports amounted to 425.06 million tonnes, marking a 7.2% year-on-year drop. In October, the country imported 37.8 million tonnes of oil, a decrease of 11.2%, according to the bureau.

As for gas output, China has produced 168.4 billion cubic meters of natural gas from January-October 2021, marking a growth of 9.4% compared to the same period of 2020, and 19.2% compared to 2019. Last month, gas production in China amounted to 1.65 billion cubic meters, a 0.5% year-on-year increase, and a 12.4% rise compared to the same period in 2019.

China’s gas imports over the period in question grew by 22.3% to 99.07 million tonnes, the bureau said. In October, the growth of imports stood at24.5%, amounting to 9.38 million tonnes, it added.

Coal output increased by 4% year-on-year, reaching 360 million tonnes. The volume of coal production from January-October 2021 amounted to 3.3 billion tonnes, a 4% rise compared to the same period of the last year, and a 4.1% growth compared to 2019.

According to the bureau, China has also seen a rise in retail sales over the period in question.

“In the first ten months, the total retail sales of consumer goods reached 35,851.1 billion yuan [$5.6 billion], up by 14.9 percent year on year,” the office said in a statement, adding that the rate of online retail sales increased by 17.4% year-on-year, reaching 10,376.5 billion yuan.

Last month, the rate of industrial production outperformed the initial forecasts.

“In October, the total value added of the industrial enterprises above the designated size grew by 3.5 percent year on year,” the statement read.

The analysts projected the October rate to see a decline of up to 3.1% in September. Overall, China’s industrial production has seen a year-on-year rise of 10.9 % from January-October 2021, according to the office.

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