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China’s crude oil production hits 4 year- low

by ChemOrbis Editorial Team -
  • 18/05/2016 (14:55)
According to media reports, China’s crude oil production declined 5.6% on the year to 16.59 million tons in April, the sharpest drop since November 2011. Production is likely to go down further in the coming months. Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc., said that declining production from China as well as the US will help rebalance global oil markets this year.

China reduced domestic production as they boosted imports to meet record high refining demand.
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