Chinese production continues to fall due to aging assets as demand grows
Demand for crude oil at Chinese refineries continues to grow as the country’s aging oil properties slow production. Chinese production fell the most month-over-month since November 2011 in April, reports Bloomberg, down 3.2% from March. Meanwhile, the country’s refiners processed a record 10.93 MMBOPD of oil. The production declines “will help rebalance the market and will be positive for prices,” according to Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernst...


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