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In September China’s oil production fell by 9.8%

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In September China’s oil production fell by 9.8%

In September China’s oil production fell by 9.8%
October 20
10:30 2016

In September China decreased its oil production by 9.8 per cent in annual comparison. This is because the largest producers of raw materials are closing wells, which cost of production is too high. The data from the National Bureau of Statistics confirms this.

Today the oil production in China is almost at the minimum point over six years. The production has fallen to 15.98 million tons, or 3.89 million barrels per day. The reduction is due to the fact that old wells are being closed and the production costs are decreasing.

Oil quotes collapsed twice in mid-2014. Since then prices have proved their positions and are being traded at around $ 52 per barrel. However, it is still not easy for the companies-oil producers to generate the profit.

Wang Yilin, Chairman of board of directors of CNPC (China National Petroleum Corporation) earlier said that the plan of the company’s raw material production would be adjusted due to the reduction of its volume on the “inefficient fields” in the IV quarter.

The oil production subsidiary of the company CNPC, Sinopec made the forecast of the net loss for the 9 months in the amount of 8.9 billion yuan ($ 1.3 billion) due to low oil prices and the general stagnation of the sector.

The fall of the Chinese production partially favored the unprecedented volumes of imports of raw materials in the first month of the autumn.

In September, 43.8 million tons of crude oil were recycled at Chinese enterprises. This corresponds to 10.658 million barrels per day. This mark has exceeded the corresponding figure in 2015 by 2.4 percent. The oil production has increased by 2.1 percent over the first 9 months of this year in the annual comparison and amounted to 399.93 million tons (10.655 million barrels per day).

The September production of the natural gas in China has increased by 0.1 percent year-on-year and amounted to 10.2 billion cubic meters.

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