China’s domestic oil production dropped 5.6 percent from a year ago to 16.59 million metric tons in April, the steepest slide since November 2011, according to government data released Saturday. The trend is likely to worsen in the months ahead and, along with U.S. production declines, will help rebalance the global oil market later this year, according to Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc. in Hong Hong. The cut in production comes as the nation boosts imports to meet record refining demand.
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