CHINA'S OIL PRODUCTION DOWN BY 10%
According to REUTERS, China's crude oil output fell almost 10 percent in August from a year ago to the lowest in more than six years, data from the statistics bureau showed, as low prices continue to plague major producers.
China pumped 16.45 million tonnes (3.87 million barrels per day) of crude in August, the least since December 2009 on a daily basis and the second month of sharp decline.
China's shrinking crude output reflects the concerns of the nation's top energy groups, who are struggling to keep their wells open with benchmark Brent prices still down nearly 60 percent from a mid-2014 peak above $115 a barrel.
Sinopec, one of China's largest energy conglomerates, forecast its crude output will drop 16 percent to 147 million barrels in the second half of this year from 175 million barrels in the same period last year.
At Zhongyuan oilfield in central China, one of Sinopec's largest crude deposits, the company said it has reduced its workforce to 4000 workers from 10,000.
Sinopec Chairman Wang Yupu told investors in August the company has closed down some aging wells and reduced output to counter the decline in crude oil prices.
"If the crude prices stay between $45-$50, we will open new discovered reserves to compensate for the drop in output," he said during a half-year earnings presentation.
China's crude output in the first eight months of 2016 was down 5.7 percent to 134.8 million tonnes (4.03 million bpd).
August crude throughput at Chinese refineries was down 0.7 percent from a year earlier to 44.28 million tonnes (10.43 million bpd).
China's natural gas production for August fell 2 percent from a year earlier to 10.8 billion cubic meters, the statistics bureau said in a statement.
|June, 18, 14:30:00|
|June, 18, 14:25:00|
|June, 18, 14:20:00|
|June, 18, 14:15:00|
|June, 18, 14:10:00|
|June, 18, 14:05:00|
IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.
IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.
IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.