China’s crude oil production fell 9.8 percent in September from a year earlier, marking the second-biggest year-on-year decline on record, government data showed, as major producers shut high-cost wells to rein in spending. Domestic crude output fell to 15.98 million tonnes, or 3.89 million barrels per day (bpd), near the lowest in six years on daily basis, the National Bureau of Statistics data showed, reflecting both spending cuts at oil fields and the closure of old wells. Oil prices are hovering around $52 a barrel after recovering strongly so far this year, but are still down more than 50 percent since mid-2014 and upstream companies are still struggling to make a profit. China National Petroleum Corp’s (CNPC) president Wang Yilin earlier this month promised to adjust the company’s crude output plan to reduce “inefficient output” in the fourth quarter, the company’s official newspaper reported. Sinopec Oilfield Services Corp, a […]