China's oil production seen falling by 7% this year
This plays into the hands of Opec as it seeks to prop up the global oil market
Hong Kong
OPEC'S campaign to prop up oil prices is getting unlikely support from its biggest customer.
China's production is forecast to fall by as much as 7 per cent this year, extending a record decline in 2016, according to analysts at CLSA Ltd, Sanford C Bernstein & Co and Nomura Holdings Inc. That's about the same size as the output cut agreed by Iraq, the second-biggest producer in the Organization of the Petroleum Exporting Countries, which late last year reached a deal to trim supply to support prices.
"China's domestic crude output decline will certainly help Opec's plan to reduce global supply," said Nelson Wang, a Hong Kong-based oil …
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP to decide on future of nickel business by August, trims met coal estimates
Even without war in the Gulf, pricier petrol is here to stay
Gold gains as Middle East tensions lift safe-haven appeal
‘No trade war’, says Biden, pushing to triple tariffs on Chinese steel
Oil falls over US$1 as demand worries outweigh Middle East supply risks
Liberalise South-east Asia’s energy sector to attract more private finance: BlackRock official