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National Development and Reform Commission on October 30th news, the National Development and Reform Commission announced on October 30 the first three quarters of 2008, the main industrial operation. In the first three quarters of 2008, domestic oil production remained stable and international oil prices fluctuate dramatically.
In the first three quarters, the country’s crude oil production was 141.9 million tons, an increase of 2% year-on-year, and the growth rate was 0.6% higher year-on-year; import crude oil was 135.0 million tons (customs statistics), an increase of 8.8%; crude oil processing volume was 257.95 million tons, an increase of 5.5%, slowing down 1.5 percentage points, including gasoline and diesel production increased by 4.6% and 9.9% respectively. Natural gas output was 56.5 billion cubic meters, an increase of 13%, slowing down 6.8 percentage points. Among the major chemical products, ethylene production increased by 1.1%, production of caustic soda and soda ash increased by 8.7% and 13.3% respectively, and production of chemical fertilizers and pesticides increased by 4.8% and 16.6%, respectively.
International crude oil prices fluctuate violently. International oil prices began to rise rapidly in March and hit record highs. The price of WTI crude oil in New York reached a maximum of US$147.27 per barrel. Since July, oil prices have continued to fall due to weaker demand. In September, the average price of Brent crude oil was US$103.5/barrel, down by US$13.8/barrel from the previous month, a decrease of 11.8%, and an increase of US$28/barrel, or 37.1%.
In the first eight months, the petrochemical industry realized a profit of RMB 363.5 billion, a year-on-year increase of 3.3%. Among them, the oil refining industry changed from a net profit of 23.7 billion yuan in the same period of 2007 to a net loss of 1,202 billion yuan; the chemical industry realized a profit of 134.3 billion yuan, an increase of 31.1%.
The first three quarters of the country’s crude oil processing volume increased 5.5% year-on-year
According to data released by the National Development and Reform Commission, in the first three quarters of 2008, the country’s crude oil processing volume was 257.95 million tons, an increase of 5.5% year-on-year, a decrease of 1.5 percentage points; natural gas production was 56.5 billion cubic meters, a year-on-year increase of 13%, a slowdown of 6.8 percentage points.