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PetroChina Expects China Q4 Oil Product Demand to Rise 10% y/y

OIL PRODUCTS

China’s biggest oil and gas producer, Petrochina, said it expects the country’s oil product demand to rise more that 10% in Q4 from a year earlier.

  • It cites government stimulus as a supportive factor.
  • PetroChina’s total oil and gas output rose 5% to 1.3 billion barrels in the first nine months, compared to 1.25 billion barrels a year earlier. It has a goal of raising annual production to 1.73 billion barrels for this year.
  • PetroChina has been a big benefactor of discounted crude from Russia.
  • PetroChina’s crude processing rose 16.5% in the first nine months to 1,044mn bbls, or 3.82 mn bpd as it stepped up runs to meet recovering domestic fuel demand as well as cashing in on stronger export margins.
  • Total sales of gasoline, diesel and jet kerosene in the first nine months rose 13.4% on the year at 125.6 million tons, including domestic sales at 93 million tons, which represented a 17% growth y/y..
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