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Crude oil output fell 9.8 percent in China

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Staff Writer | October 20, 2016
China oil
Energy in Asia   Following a record 9.9-percent drop in August

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.

Domestic crude output dropped to 15.98 million tonnes, or 3.89 million barrels per day (bpd), near the lowest in six years on a daily basis, National Bureau of Statistics data showed, reflecting both spending cuts at oil fields and the closure of old wells.

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.


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