China cuts oil production target to 193 million tons in 2020

Time:2020-06-24 09:51:11      Source:Globaltimes.com
China's oil production target has been adjusted to 193 million tons in 2020 with natural gas output of 181 billion cubic meters, according to a document released by the National Energy Administration on Monday.
 
An oil production target of 200 million tons has been set for the past few years.
 
An industry insider told the Global Times that oil output at some mature oilfields such as Daqing oilfield is expected to drop as few new oil blocks are put into production this year.
 
The document also said that national energy consumption in 2020 will be no more than 5 billion tons of standard coal.
 
Coal consumption will be cut to about 57.5 percent in the energy structure, and the installed capacity of non-fossil fuels is expected to hit 900 million kilowatts, according to the document.
 
China will further promote clean heating projects including coal-to-gas switching with an additional clean heating area this year of about 1.5 billion square meters, said the document. 
 
 
Index RMB/t DoD Basis Date
Datong 5500 700 0 ex-mine 05-04
Shuozhou 5200 680 0 FOR 05-04
Ordos 5500 700 0 ex-mine 05-04
Yulin 6200 780 0 ex-mine 05-04
Liulin Low-sulphur 900 0 ex-mine 05-04
Gujiao Low-sulphur 1770 -50 FOR 05-04
Xingtai Low-sulphur 2360 0 ex-Factory 05-04
Yangquan PCI 1280 -30 FOR 05-04
Index RMB/t WoW WoW% Date
Qinhuangdao 507.0 1.0 0.20 05-04
Caofeidian 541.0 9.0 1.69 05-04
Huanghua 216.9 12.4 6.06 05-04
Guangzhou 291.2 3.0 1.04 04-27
coastal 6PPs 1629.8 44.7 2.82 07-02
North Ports 2697.8 53.0 2.00 02-01
Yangtze River delta 1242.5 -74.7 -5.67 02-01
South Ports 2233.4 -216.0 -8.82 02-01
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