Deepest Oil Cuts in World’s Top Market Didn’t Need OPEC Deal
- Production from China expected to fall by 200,000 b/d in 2017
- China cut more than level agreed by non-OPEC, excluding Russia
Is OPEC's Production Cut a Turning Point for Oil Prices?
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Malaysia and Brunei are doing their bit for the global pact to rebalance oil markets, but the biggest production cuts in Asia are coming from a country that didn’t sign up.
China, the world’s fifth-biggest producer last year, has reduced output by about 300,000 barrels a day this year, more than the combined cuts announced Saturday by non-OPEC countries, excluding Russia, as part of a deal coordinated with the producer group. The decline is expected to continue next year, with Chinese production shrinking as much as 200,000 barrels a day, according to consultant Energy Aspects Ltd.