China will increase imports of crude oil in the next two quarters after its contraction in the current quarter in the conditions of surplus stocks of raw materials, as well as seasonal maintenance work at refineries, BMI Research said.

China's imports of crude oil will rise in the fourth quarter 2016 and first quarter of 2017, according to the review.

Reduced investment in production by state oil companies, the depletion of conventional oil reserves, as well as the focus on the development of the gas industry, limit the production of oil in China.

According to the National Statistics Administration, oil production in the country in July fell by 8.1% - to 16.7 million tons, or 3.95 million b / d, which is the lowest since October 2011.

According to their estimates, in 2016 China's oil imports will be about 7.4 million barrels per day. By 2020, the volume of imports may rise to 8.6 million b / d.