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July crude oil output up

2013-08-28 11:10 Global Times Web Editor: qindexing

Crude oil production in July reached 17.29 million tons, up 0.3 percent year-on-year; according to a report released by the NDRC Tuesday.

Crude oil production in the first seven months of this year was 120.6 million tons, up 2.8 percent year-on-year; and refined oil output stood at 157.06 tons, up 6.3 percent year-on-year, the NDRC data showed.

Domestic oil prices are expected to increase by about 200 yuan ($32.67 ) per ton Saturday under China's new oil pricing scheme, influenced by the rise in the international crude oil price , according to market analysts.

Unless global oil price dramatically drops this week, it will be difficult to reverse the rising trend.

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