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China Oil Supply in November 2014

Source: OPEC 11/30/2014, Location: Asia

China’s oil production is predicted to increase by 0.03 mb/d in 2014 to average 4.26 mb/d. According to preliminary and estimated data, China’s supply averaged 4.23 mb/d during the first three quarters of the year, an increase of about 10 tb/d over the same period a year earlier. Chinese crude production increased m-o-m by 58 tb/d to 4.25 mb/d in September. Oil output from offshore fields represented more than 20 tb/d within two months of the 3Q, while production at China’s largest oil fields, Daqing and Changqing, was unchanged compared with the previous month. The increase in September was also supported by the start-up of CNOOC’s Wenchang 13- 6 field in late August. The country’s oil production is predicted to grow by 150 tb/d in the 4Q, the highest level on a quarterly basis seen in the current year, to average 4.35 mb/d compared to the 3Q. On a quarterly basis, China’s oil supply in 2014 is estimated to average 4.24 mb/d, 4.27 mb/d, 4.20 mb/d and 4.35 mb/d, respectively.

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