China’s Oil Output In Decline… WSJ, EIA

January 17, 2017 by Jim Colburn Leave a Comment

Here is the EIA from their Short Term Energy Outlook released last week:

“The largest production decline outside of the United States in 2016 was in China, which fell by about 0.3 million b/d. EIA expects China’s output to continue to decline throughout the forecast period by 0.1 million b/d in both in 2017 and 2018 because of investment cuts and relatively few new offshore developments.”

And this is from the WSJ, today:

“In releasing its latest five-year plan for energy—a road map for the state-dominated industry—the government said domestic oil production would fall 7% by 2020 versus 2015, to about 4 million barrels a day.

The drop-off reflects a lack of recent investment in aging domestic fields by the country’s state-owned oil producers, as well as their struggles to replicate the unconventional extraction techniques that have revived production in the U.S.”

http://www.wsj.com/articles/chinas-oil-output-set-for-long-term-slump-1484650810

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