China‘s Growing Crude Oil Consumption Leads to Production Increase

Growing consumption of oil in China has led to an increase in domestic production for the world's second biggest consumer.

Oil consumption for the country is growing at around five per cent during 2013, to close to 220 million metric tons between January and October.

In October 2013 China delivered a 0.2% year on year increase in crude oil output to 18 million metric tons.

During November China processed 38 million metric tons of crude oil, which is around seven per cent than in the same month of last year.

Overnight the price of crude oil spiked 2.4 percent to end at $96.04 a barrel on the New York Mercantile Exchange, which was its highest close in a month.

(thechinaperspective.com, edited by Topco)