Crude oil production in the Asia-Pacific is falling at a unique rate, according to a report from Wood Mackenzie, with China accounting for about half of the decline, Wood Mac’s Asia-Pacific upstream research director Angus Roger said. In 2016, the region pumped around 7.5 million barrels daily but this is about to drop to less than 6.5 million bpd by 2020, Roger warned, noting that the region’s output has been falling by about 7 percent annually since the price crash of 2014. The analyst added that the bulk of oil production in the Asia-Pacific will continue coming from large fields in China, Malaysia, and Indonesia, but these fields are already mature, which is affecting production costs and lifting breakeven points. The report’s findings are worrying for China, which recently reported that its dependency on imported crude had deepened, reaching 64.4 percent of domestic demand in 2016. The reason for […]