China crude oil output up 1.7 percent

BEIJING, June 23  -- Crude oil output in China reached 87.69 million tons in the first five months of 2015, a year on year increase of 1.7 percent, according to the top economic planner.

China refined 195.26 million tons of crude oil during the period, up 3.8 percent year on year, while refined oil production rose 6 percent to 123.55 million tonnes, the National Development and Reform Commission said in an online statement.

Apparent consumption of refined oil, calculated as production plus imports minus exports, increased 4.4 percent from a year earlier to 113.04 million tons.

In a separate statement, the planner said natural gas output totaled 55.5 billion cubic meters during the January-May period, up 4 percent year on year.

Imports of natural gas saw an increase of 5.6 percent to 24.7 billion cubic meters, while apparent consumption came in at 77.2 billion cubic meters, the commission said.

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

Domestic crude oil output is expected to grow by 0.4 percent to reach 217 million tons in 2015, while refined oil and natural gas output will reach 294 million tons and 134.4 billion cubic meters respectively, according to a report released by a research center and a publishing house with the Chinese Academy of Social Sciences earlier this month.

Meanwhile, refined oil net exports are estimated to reach 20.8 million tons, up 41.9 percent year on year, with export of diesel taking the lead, the report said.