The National Bureau of Statistics announced the energy production in October on November 14. In October, crude oil production fell by 0.4% year-on-year, a decrease of 2.5 percentage points from September; the average daily output was 516,000 tons, a decrease of 0.2 million tons from September. From January to October, crude oil production was 160 million tons, down 4.1% year-on-year.
The growth rate of crude oil imports fell. In October, imports of crude oil reached 31.03 million tons, a year-on-year increase of 7.8%. Imports decreased by 5.98 million tons from September, and the growth rate dropped by 4.2 percentage points from September. From January to October, imported crude oil was 350 million tons, an increase of 11.8%.
Crude oil prices continued to rise. In October, the spot price of Brent crude oil was stable at more than US$55/barrel. As of October 31, the price was $61.4 per barrel, up $4.3 per barrel from the end of September.
The growth rate of crude oil processing fell. Affected by factors such as the high base in the same period last year and the year-on-year increase in the wholesale price of refined oil products compared with the fall in September, crude oil processing volume increased by 7.4% year-on-year in October, and the growth rate dropped by 5.3 percentage points from September; the average daily processing volume was 1.629 million tons. In September, it was reduced by 15,000 tons. Compared with September, the growth rate of major refined oil products fell year-on-year, with gasoline, kerosene and diesel falling by 9.0, 8.7 and 5.6 percentage points respectively. From January to October, the crude oil processing volume was 470 million tons, a year-on-year increase of 5.0%.
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