Oil Output of China's Leading Oil Producer Drops

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Last updated at: (Beijing Time) Wednesday, April 16, 2003

Oil Output of China's Leading Oil Producer Drops

China's largest oil producer PetroChina produced 191.1 million barrels of crude oil during the first quarter this year, down 0.1 million barrels from the same period last year.

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China's largest oil producer PetroChina produced 191.1 million barrels of crude oil during the first quarter this year, down 0.1 million barrels from the same period last year.

At the same time, output of marketable natural gas increased 12.8 percent to 184.5 billion cubic feet, Wednesday's China Daily quoted a statement from the company as saying.

The crude oil production decline is in line with the market expectation as its oil fields are becoming senior, said an industry analyst with a Beijing-based investment bank.

PetroChina said the average oil sales price surged by 66.8 percent over the period one year ago to 29.26 US dollars a barrel during the quarter.

Affected by the war and the low inventory level of oil, prices of crude oil and oil products increased significantly quarter on quarter, according to the PetroChina statement.

An investment bank analyst said whether PetroChina maintains the current momentum depends on oil prices and acquisitions of overseas reserves.

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