OPEC Has Its Way as China Oil Output Cut by Most in 15 Years
- Crude output in May falls 7.3%, biggest drop since Feb. 2001
- Coal production slows 15.5% from year ago, local prices rise
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China’s crude production dropped by the most in 15 years in another sign that OPEC’s strategy of flooding markets to drive out higher-cost suppliers is working in the world’s biggest energy consumer.
The Asian nation reduced oil output in May by 7.3 percent from a year ago to 16.87 million metric tons, according to data from National Bureau of Statistics released on Monday. That’s the biggest decline since Feb. 2001.