China’s Crude Oil Output Lowest Since 2011

15 Jun 2017   China

According to the statistics figures, as reported by Reuters , China’s crude output level was 3.83 million bpd in May, down by 3.7 percent year on year, to the lowest domestic production volume since the statistics office started publishing records in 2011. “ Declining output this year comes as China’s major oil fields Daqing and Shengli announced production cuts at the beginning of the year. The pace of decline in production will ease this year due to higher crude prices ,” Gao Jian, a crude oil analyst with China Sublime Information Group, told Reuters. Late last year, PetroChina said that it planned to cut capital spending at China’s largest oilfield Daqing by 20 percent in 2017. Last month, China’s refinery runs jumped by 5.4 percent on the year to 10.98 million bpd, and although they were down from a record level from March this year, throughput marked the highest […]

Comments are closed.