Asia past its peak
China’s output will fall this year, the biggest loser as Asia’s oil production drifts lower
THE INTENSE focus on the price war between Saudi Arabia and higher-cost producers has obscured an important trend elsewhere in the market. It appears that China’s oil production probably peaked at one point in 2015, and will enter structural decline some time over the course of the months ahead. This is significant as the country is not just a major crude importer, it is also the world’s fifth-largest oil producer, trailing behind only the US, Russia, Saudi Arabia and Canada. To give that some context, the country pumps quite substantially more oil than Iran and Iraq. The country’s domestic oil production was up 2.2% to 4.3m barrels a day – or just under 5% of global supply – last year compa
Also in this section
11 April 2025
The Gulf state’s offer to supply electricity-starved Syria is an opportunity to support a key ally, but Doha’s ambitions to build broader pipeline networks to Turkey and Europe face challenges
11 April 2025
As the global economy grows, demand for materials is expected to increase. The way materials are made could incorporate new technologies in the future to ensure economic growth is more sustainable
10 April 2025
Technology, policy and narrative are the three biggest factors that could change the course of our 2050 outlook
10 April 2025
Latin America’s largest economy expects big uptick in crude this year with the imminent arrival of several FPSOs
