CNPC, operating its core businesses ranging from oil and gas exploration, production, refining and sales via listed PetroChina, had decreased its oil production target in 2009 by 4% from 2008 levels while scaling back crude processing goals by 1.4% amid signs of weakened demand in the wake of the global economic hold up.
Analysts had anticipated the world’s second-largest oil user to either delay the start-up of new refineries that could amount to around one million barrels per day or lower processing rates to cope with a potential supply glut.
But some recent indications have shown that the world’s third-largest economy may recover sooner than later, quickening a recovery in fuel demand, which could lead to an upward revision of operating plans by major oil firms.
China’s implied oil demand in March 2009 dropped 0.3%, compared previous year, but stood at its highest rate since last September 2009 as refiners ramped up production after a pick-up in domestic sales thinned stocks.
