Chinese Oil Rig China produced 7.4 percent less domestic crude oil in May compared to a year ago, settling at 16.76 million tonnes. This was due to plans by state-owned oil companies to slash output that is weighed down by languishing oil prices, official data showed. Output for the first five months of 2016 totaled at 84.19 million tonnes, down 4 percent from the same period the previous year, the National Development and Reform Commission said in a statement on Saturday. Much of China’s oil production comes from large oilfields that are mature and facing declining output. More investment helps to slow decline, but significant capex cuts are allowing production to slip. Investment in China’s oil sector fell from $54.4 billion in 2014 to just $39.4 billion last year, and likely will fall to $33.5 billion in 2016. However, refined crude oil rose 9.8 percent to 214.33 million tons […]