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China’s oil output increased for the first time since October 2015 and the processing rate fell in August to its lowest since December, data released earlier today showed.

Key points (Source: Reuters)

Monthly crude oil output hit 16 million tonnes, or 3.77 million barrels per day (bpd), marking the first year-on-year increase in tonnes and bpd in years.

China refined 50.31 million tonnes of crude oil in August, or 11.85 million barrels per day (bpd), up 5.6 from a year ago.

The pace of processing fell from 11.95 million bpd in July and compared with a record high of 12.13 million bpd in March.

For the first eight months, crude runs were up 8.7 percent at 400.41 million tonnes or 12.03 million bpd.

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