China processes 55.81 mln tons of crude oil in Jan, Feb: NDRC

The total amount of crude oil processed in the first two month of this year amounted to 55.81 million tons, an year-on-year increase of 7.4%, said the National Development and Reform Commission (NDRC) in its latest industry report.

Amid the severe supply shortage in some areas, China boosted its crude oil production to 30.78 million tons during the period, up 1.2% year on year. Crude oil imports also rose by 9.5% to 28.23 million tons.

Production of fuels like gasoline, diesel and natural gas production rose by 4.1%, 12.5% and 20.3% respectively. The natural gas output reached 13.5 billion cubic meters.

The country's two oil giants Sinopec Corp and China National Petroleum Corporation were also required to ensure the oil supply and stabilize prices of oil products after the snow storm during the Spring Festival despite an upward trend in the global market.

As a result, revenue from the petroleum industry fell by 13.3% to RMB 54.9 billion.