Uncertainty over oil prices is hurting Chinese oil production Daily oil production in China – the world’s second-largest crude consumer after the United States – fell to a seven-year low in October, according to data from the country’s statistics bureau. Chinese oil production is falling as the country’s national oil producers remain cautious about raising production in the face of oil price uncertainties. China’s oil output dropped 11.3 percent from the same time a year ago to 16.1 million tons, according to the National Bureau of Statistics. The figure is up from September when China produced 16.0 million tons, but the daily average was 3.8 MMBOPD, the lowest since May 2009, and down from 3.9 MMBOPD in September. “Producers have not ramped up output even as oil prices rebounded in October. Many of them see the uptick in prices as unsustainable,” a Beijing-based crude trader told Reuters . Chinese […]