China oil majors continue record-setting production cuts

|By:, SA News Editor

China's crude oil production fell 9.8% in September from a year ago, following a record 9.9% drop in August, with major producers continuing to shut high-cost wells to curb spending.

Domestic crude output tumbled to 15.98M metric tons, or 3.89M bbl/day, near the lowest in six years on a daily basis, according to government data.

The back-to-back sharp declines are a sign that a prolonged efficiency drive by drillers in one of the world's top five producers may help to rebalance the oversupplied global market.

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