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China’s oil production is expected to increase by 80 tb/d to average 4.22 mb/d in 2012, unchanged from the last report. During the first quarter of this year, its supply declined by 90 tb/d, compared with the same period of 2011. This decline came about on the back of the shutdown of the Peng Lai field, where a report suggested that the field would restart operations soon, after the agreement on compensation.
During the first quarter, the Daqing field’s output, that is, China’s largest producing field, remained steady, compared with the same period a year ago. The Tarim field’s output was on target in the first quarter of 2012, and the Shengli field’s production increased in the same period. On a quarterly basis, China’s oil supply is forecast to average 4.16 mb/d, 4.17 mb/d, 4.22 mb/d and 4.30 mb/d respectively. In March, it averaged 4.14 mb/d, a month-on-month decline of 40 tb/d, according to preliminary data.
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