China Oil Output Seen Cracking Under Pressure of Price Collapse - Bloomberg Business:
"Cheap crude is a double-edged sword for one of the world’s biggest markets.
China’s output in 2016 will decline between 3 percent and 5 percent from last year’s record 4.3 million barrels a day, according to analysts from Nomura Holdings Inc. and Sanford C. Bernstein & Co. That would be the first decline in seven years and the biggest drop in records going back to 1990. The country is the world’s fifth-largest producer and biggest consumer after the U.S.
Oil prices have plunged more than 50 percent since Saudi Arabia led a 2014 decision by the Organization of Petroleum Exporting Countries not to cut output amid a global glut to drive out higher-cost producers. The kingdom was China’s biggest supplier last year, accounting for 15 percent of the country’s overseas purchases."
'via Blog this'
No comments:
Post a Comment