China’s crude production rebounded from the lowest in more than seven years after prices rallied on speculation OPEC would agree to curb output, a jump seen unable to overcome a longer-term slump. The country’s refineries processed a record amount of crude. Production in November advanced 3.4 percent from the previous month to about 3.93 million barrels a day, the highest since July, according to Bloomberg calculations based on data from the National Bureau of Statistics released Tuesday. Output, which was down 9 percent from the same month last year, has fallen 6.9 percent in the first 11 months of 2016 to about 4 million barrels a day. China’s output has declined this year as state-owned firms shut wells at mature fields that are too expensive to operate at current prices. The country needs oil above $50 a barrel to stabilize production, according to analysts at Sanford C. Bernstein, as […]