Skip to content
Subscriber Only

OPEC Has Its Way as China Oil Output Cut by Most in 15 Years

  • Crude output in May falls 7.3%, biggest drop since Feb. 2001
  • Coal production slows 15.5% from year ago, local prices rise
Updated on

China’s crude production dropped by the most in 15 years in another sign that OPEC’s strategy of flooding markets to drive out higher-cost suppliers is working in the world’s biggest energy consumer.

The Asian nation reduced oil output in May by 7.3 percent from a year ago to 16.87 million metric tons, according to data from National Bureau of Statistics released on Monday. That’s the biggest decline since Feb. 2001.