China's largest oil producer, PetroChina, reported a 5.8% year-on-year increase in production of crude oil and natural gas to 793.9 million barrels of oil equivalent in the first three quarters. Crude oil output rose only 1% to 626 million barrels, the Hong Kong Standard reported, but accumulated gas production jumped to 1.007 trillion cubic feet, up 28.4%. Prices also increased. The company's average sale price of crude went up 30% to US$61.50 per barrel while natural gas hit US$2.45 per thousand cubic feet, up 17.8% from a year earlier. Some analysts have cut down PetroChina earnings forecasts following the news as oil prices dropped in the third quarter. Oil prices have gone down nearly 25% since August but may rebound in the short term.