Crude oil out­put sees sharp drop

China Daily (USA) - - BUSINESS -

China’s crude oil out­put fell 9.9 per­cent year-on-year in Au­gust, the big­gest monthly drop since 2003 as re­finer­ies slashed pro­duc­tion amid slug­gish global oil prices, data from the Na­tional Bureau of Sta­tis­tics showed on Mon­day. Mean­while, im­ports trended up­ward af­ter pri­vate re­finer­ies were given per­mis­sion to im­port crude last year. In the first eight months, China’s crude oil im­ports rose 13.5 per­cent com­pared with the same pe­riod last year, while re­fined oil out­put gained 2.1 per­cent.

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