Crude oil output fell 9.8 percent in ChinaStaff Writer | October 20, 2016
China's crude oil output fell 9.8 percent in September from a year earlier in the second-biggest year-on-year decline on record, government data showed.
Energy in Asia Following a record 9.9-percent drop in August
The sharp decline, following a record 9.9-percent drop in August, is the latest sign that a prolonged efficiency drive by drillers in one of the world's top five producers may help to rebalance the oversupplied global market.
China National Petroleum Corp's (CNPC) president Wang Yilin earlier this month promised to adjust the company's crude output plan to reduce "inefficient output" in the fourth quarter, the company's official newspaper reported.
Sinopec Oilfield Services Corp, a listed unit of CNPC's upstream business, has forecast a nine-month net loss of 8.9 billion yuan ($1.3 billion) due to low prices and weakness in the sector.
China processed 43.8 million tonnes of crude, or 10.658 million (bpd), in September, up 2.4 pct on a year earlier, the government data showed. In the first nine months, crude oil throughput rose 2.1 percent from a year ago to 399.93 million tonnes, or 10.655 million bpd.
China's natural gas production for September rose 0.1 percent from a year earlier to 10.2 billion cubic metres. ■