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BEIJING, Nov. 6 (UPI) -- Chinese oil companies say they'll increase production to meet demand.
China National Petroleum Corp. and China Petroleum and Chemical Corp. both said they will increase their production and supplies of refined oil to meet demand and ease the recent shortages, according to the official Xinhua news agency.
CNPC and Sinopec, China's major refiners, moved to increase their oil production, the National Development and Reform Commission said. CNPC and Sinopec said they would both take measures to secure a stable supply of refined oil.
They said they will attempt to increase their processing capacity of crude oil and increase the output of refined oil products. CNPC and Sinopec will also shy away from export, speed up transport of domestic oil products and redistribute inventories at gas stations more efficiently.
In response to recent price hikes on global crude oil markets, the Chinese government raised the prices of gasoline, diesel oil and aviation kerosene from Nov. 1 to stabilize supplies of oil products at home; CNPC and Sinopec said they'll observe those government-set prices.
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