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
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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.
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