China raised volume of crude oil processing

Almaty. November 15. Silkroadnews - China has raised its crude oil processing volumes, Reuters reports.
“China’s refiners raised crude oil processing runs to near record monthly levels in October as refining margins jumped after the country’s state planner hiked prices for gasoline and diesel at the pump,” the report reads.
China’s statistics bureau reported on a 15% growth of natural gas production in the country to a seven-month high level. The reason was the growing demand for gas in winter, caused by a restriction on the use of coal for heating.
According to official data, the volume of crude oil refining rose 7.4% in October to 50.51 million tonnes, or 11.89 million barrels per day, slightly below the record pace of 12 million barrels per day set in September.
In the first 10 months of the year, the volume of petroleum products production increased by 5% compared to the same period last year to 468.92 million tonnes, or 11.26 million barrels per day.
“Throughput rose strongly as refiners expect margins to firm, with government raising retail fuel prices in tandem with spikes in the global crude oil market,” the agency quoted saying by Seng-Yick Tee, senior director at Beijing-based SIA Energy.
The National Development and Reform Commission of China (NDRC) raised the price of gasoline and diesel by 150 yuan ($22.60 per tonne) on November 2, which was the second increase in prices for two months. Higher prices ensured higher margins for both state-owned and independent refineries.
The NDRC is planning another price adjustment for November 16, in connection with which analysts and refiners forecast another big hike in prices.
Meanwhile, natural gas production in October increased by 15% compared to the same month last year and amounted to 12.4 billion cubic meters, which is the highest since March.
Oil companies are increasing gas production in major fields, such as Changqing, as well as increasing the import of pipeline gas and liquefied natural gas. Demand for the cleaner fuels will grow at the fastest rate since 2011 due to plans for gasification of Beijing.
October crude oil production in the country fell 0.4% year-on-year to 16.01 million tonnes, or 3.77 million barrels per day, almost reaching the August record monthly minimum of 3.75 million barrels per day.