In May 2024, China industrial oil and gas production above designated size was stable
On June 17, the National Bureau of Statistics released energy production in May 2024. In May, China industrial crude oil and natural gas production above designated size remained stable.
In terms of crude oil, production increased steadily, imports turned from increase to decrease, and the decline in processing narrowed. In May, the output of industrial crude oil above designated size reached 18.15 million tons, a year-on-year increase of 0.6%, and the growth rate slowed down 0.7 percentage points from April; the average daily output was 585,000 tons. Imported crude oil was 46.97 million tons, a year-on-year decrease of 8.7%. The processing volume of industrial crude oil above designated size was 60.52 million tons, a year-on-year decrease of 1.8%, and the decline was 1.5 percentage points narrower than in April; the average daily processing volume was 1.952 million tons.
In terms of natural gas, production has grown steadily and imports have maintained rapid growth. In May, the output of industrial natural gas above designated size reached 20.3 billion cubic meters, a year-on-year increase of 6.3%, and the growth rate was 3.1 percentage points faster than in April; the average daily output was 650 million cubic meters. Imported natural gas was 11.33 million tons, a year-on-year increase of 7.1%.
