OPEC projects oil production reduction in China in 2016

Almaty. April 14. Silkroadnews – China’s oil production will decline in 2016, OPEC’s April report says.

“China’s crude oil production will decrease by 70 thousand barrels per day to 4.30 million barrels per day in 2016, which will be lower compared to the previous forecast of reduction by 50 thousand barrels per day. After reduction of crude oil production in January and February, which was 0.13 million barrels a day less than in the fourth quarter of 2015, the downward trend will continue further,” the report says.

It is noted that in the first quarter of 2016 it will amount to 4.30 million barrels per day, in the second – 4.29, in the third – 4.28, and in the fourth – 4.33.

At the same time, according to the published report, the oil consumption will increase slightly. In the first quarter of 2016 China’s demand for oil is expected to stand at 10.73 mln barrels per day, in the second – 11.35 million barrels per day, in the third – 10.99 million barrels per day and in the fourth – 11.42 million barrels per day. On average for 2016 China’s oil consumption will amount to 11.13 million barrels per day, which by 0.29 million barrels or 2.71% higher versus 2015.