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China's Oil Collapse Is Unintentionally Helping OPEC

  • China’s crude production seen dropping as much as 7% this year
  • Output declining at aging fields amid capital spending cuts
Bloomberg business news

OPEC's Barkindo: Hope to See Balance Return in 2017

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OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer.

China’s production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016, according to analysts at CLSA Ltd., Sanford C. Bernstein & Co. and Nomura Holdings Inc. That’s about the same size as the output cut agreed by Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, which late last year reached a deal to trim supply to support prices.