China's crude oil stockpile drops 3.42 pct

China's crude oil stockpile drops 3.42 pct

BEIJING: China's commercial crude oil stocks went down 3.42 percent in August from a month earlier, while stocks of refined oil products dropped 0.97 percent, according to data compiled by Xinhua News Agency.


The fall was a result of decreasing output and imports, and rising processing volume, according to Xinhua.


Gasoline stocks went down during the period as fuel demand rises during the summer holiday. In August, China's export of gasoline went down 11.16 percent from the previous month.


Demand for diesel also improved due to a pick-up in construction activities. During the period, export of diesel fell 0.45 percent.


Data from the National Development and Reform Commission showed China's output of crude oil stood at 15.97 million tonnes in August, down 2.6 percent year on year.


The country refined 48.7 million tonnes of crude in the month, up 12.9 percent year on year.