• 1 min French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 2 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 4 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 6 hours Aramco In Talks With Chinese Petrochemical Producers
  • 7 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 9 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 15 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 20 hours Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
Alt Text

Iraq Struggles To Keep Oil Exports Elevated

Iraq is struggling to offset…

Alt Text

Is The LNG Glut Real?

LNG prices have fallen significantly…

Alt Text

Ghana Looks To Ramp Oil Production

A relative newcomer to the…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

China’s Oil Output Tanks , Hits 4 Year Low

China Imports

China’s crude oil output over the first half of the year stood at 101.59 million metric tons, down 4.6 percent and the lowest six-month figure since 2012, Bloomberg reports. The decline reflects China’s stated shift from an industry-focused economic model to a more service-oriented one. It is also related to a drive by the government to cut the country’s environmental footprint, struggling with a reputation of China as one of the most polluted places on earth. Low oil prices were also a factor in the production trend.

In June alone, China pumped 8.9 percent less crude than a year earlier, with state-owned giants such as PetroChina and CNOOC shuttering unprofitable fields and turning to low-cost imports instead. Crude oil imports in January-June jumped 14 percent, China’s national Bureau of Statistics said, with June recording the weakest growth.

The trend is seen to continue: an analyst from North Square Blue Oak told Bloomberg that “Domestic crude production will remain weak, while coal-output cuts may even deepen in the coming months. China’s demand for overseas energy supplies including crude oil and coal will continue to grow in the second half year.”

Coal output in the country was also on the decline over the first six months of the year, at 1.63 billion tons, or 9.7 percent less than the same period of 2015. Imports, however, went up, with June inbound shipments reaching the highest in over 12 months. Over the six-month period, coal imports rose 8.2 percent.

The only hydrocarbon whose production bucked the overall trend was natural gas. China’s output over the first half of the year went up by 4.1 percent to 69 billion cu m. The rise will continue through the end of the year, with the annual average growth rate estimated at 13 percent, as Beijing encourages a shift from oil and coal to natural gas because of its milder impact on the environment.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Kr55 on July 15 2016 said:
    People definitely miss the loss of production that is happening worldwide. So fixated on the 8.5M barrels/day in the USA and OPEC's ~33M when there are tens of millions of barrels/day declining elsewhere in the world because investment has been destroyed by the price crash.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News