Production drop may halt at $50, Bernstein’s Beveridge says Outut down almost 6% this year, hit 6-year low in August Oil may need to rally further before China’s producers make enough money to reverse a drop in output to the lowest in more than six years. Production by the world’s biggest consumer after the U.S. will stabilize with prices around $50 a barrel and may not rebound until they are above $60, according to Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein. China, the world’s fifth-largest producer in 2015, pumped 5.7 percent less crude in the first eight months of the year as state-run companies shut fields too expensive to operate amid the worst price crash in a generation. “As oil prices recover, we’ll see production start to stabilize,” Beveridge said in an interview. “With breakeven costs around $50 a barrel for some of the mature onshore […]