China's crude oil output dips further

BEIJING - China's crude oil output fell again in October as refineries continued to cut output due to low oil prices.

Crude oil output by producers with annual core business revenues above 20 million yuan ($2.9 million) dipped 11.3 percent year on year to 16.1 million tons in October, according to the National Bureau of Statistics.

The decline was steeper than September's 9.8 percent drop.

Imports, on the other hand, have been moving upward since private refineries were given permission to import crude last year.

In the first 10 months of the year, imports rose 13.6 percent year on year to 312 million tons, while refined oil output gained 2.5 percent.

China's oil companies plan to reduce crude oil output due to flagging prices. Sinopec, the largest oil refiner in China, and PetroChina, the largest oil and gas producer, have both lowered their oil production targets for 2016.

On Wednesday, the National Development and Reform Commission announced the largest cut this year in retail prices of gasoline and diesel, tracking slumping international crude prices dragged down by a strong US dollar and rising crude reserves in the United States.