- China is likely to raise its fuel prices in September given the recent strength in crude oil prices due to geopolitical issues, JPMorgan said in its China/Hong Kong Daily Views report. The 10-day moving average for crude oil benchmarks measured by the National Development and Reform Commission increased by 2.8% to $110/barrel since the last hike on July 20.
- China's gasoline and diesel demand was up 12.8% and up 1.2% year on year respectively in July, UBS data showed. UBS expected the growth of gasoline demand to continue outpacing that of diesel demand in the near term.
- China's crude oil and natural gas output climbed to record half-year highs in 1H 2013, according to the Ministry of Land and Resources. Crude oil output was up 4.6% year on year to 103 million tons, and natural gas output was up 9% year on year to 58.8 billion cubic meters. China plans to invest 80 billion yuan in exploration of oil and gas resources this year, the ministry said.
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