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2016-06-14 18:20:00

CHINA'S OIL PRODUCTION DOWN

CHINA'S OIL PRODUCTION DOWN

 

CHINA OIL PRODUCTION CONSUMPTION 1993 - 2016

 

According to BLOOMBERG, China's crude production dropped by the most in 15 years in another sign that OPEC's strategy of flooding markets to drive out higher-cost suppliers is working in the world's biggest energy consumer.

The Asian nation reduced oil output in May by 7.3 percent from a year ago to 16.87 million metric tons, according to data from National Bureau of Statistics released on Monday. That's the biggest decline since Feb. 2001.

Shrinking Chinese output may help balance oil markets and sustain a more than 75 percent rebound in crude from a 12-year low earlier in 2016. The rally has also made the Organization of Petroleum Exporting Countries more confident its two-year Saudi Arabia-led strategy of trying to win market share from higher-cost producers is succeeding. The glut shows signs of ending as companies shut unprofitable fields and cut investments, according to forecasters from the IEA to Goldman Sachs Group Inc.

"It's certainly an important indicator that global oil markets are rebalancing," Michal Meidan, an analyst at industry consultant Energy Aspects Ltd., said by e-mail. "The Saudi strategy is starting to yield results."

More Imports

Lower domestic output reflects spending cuts by the country's oil drillers amid low prices, Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc. in Hong Kong said in an e-mail. PetroChina Co., the nation's biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have "no hope" of turning a profit, while Cnooc Ltd. sees output slipping as much as 5.2 percent this year.

"Lower domestic oil production means that China will rely more and more on imports from Middle East and Russia," Kwan said in the e-mail. The slump in output "is worse than our forecast," he said.

Separately, data also showed China's coal production fell by 15.5 percent, the most in data going back to April 2015, when the statistics bureau resumed releasing those figures.

Coal demand in China has slid as its economy slows and shifts toward consumer-led growth, while the government seeks to cut industrial oversupply and curb pollution. Output declined to 263.75 million tons in May, according to the bureau.

The pullback by local miners is boosting prices, said Deng Shun, an analyst with ICIS China. Spot power-station coal at the port of Qinhuangdao, a domestic benchmark, rose for the second time in three weeks to an average 400 yuan a ton as of Sunday, the highest level since September, according to data from China Coal Transport and Distribution Association.

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Earlier: 

CHINA'S GAS CONSUMPTION UP 

CHINA'S DIESEL EXPORTS UP 

СОТРУДНИЧЕСТВО РОССИИ И КИТАЯ 

CNPC & GAZPROM COOPERATION 

СДЕЛКА CNPC И РОСНЕФТИ

 

Tags: OPEC, CHINA, OIL, PRODUCTION
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Chronicle:

CHINA'S OIL PRODUCTION DOWN
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

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September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

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OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

CHINA'S OIL PRODUCTION DOWN
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RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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