China’s daily oil production at lowest in October since 2009

According to media reports, the National Bureau of Statistics data showed that crude oil production of China, which is the second largest crude oil consumer in the world, decreased to 3.78 million barrels/day on a daily basis in October when compared to 3.89 million barrels/day in September, posting the lowest level since May 2009 due to falling production from aging wells and reluctance to drill new oil wells because of sluggish oil prices.

For the month of October, China’s oil production fell by 11.3% to 16.05 million tons from the same month of last year, slightly increasing from 15.98 million tons in September.

PetroChina’s oil production was down to 696.6 million barrels in the January-September period from 722.9 million registered in the same period of 2015 while CNOOC’s net oil and natural gas output fell by 7.7% in Q3.

According to the data, domestic supply declined to 3.99 million barrels/day (166.82 million tons) in the January-October period of this year from 4.30 million barrels/day in the same period of 2015.