Asia past its peak
China’s output will fall this year, the biggest loser as Asia’s oil production drifts lower
THE INTENSE focus on the price war between Saudi Arabia and higher-cost producers has obscured an important trend elsewhere in the market. It appears that China’s oil production probably peaked at one point in 2015, and will enter structural decline some time over the course of the months ahead. This is significant as the country is not just a major crude importer, it is also the world’s fifth-largest oil producer, trailing behind only the US, Russia, Saudi Arabia and Canada. To give that some context, the country pumps quite substantially more oil than Iran and Iraq. The country’s domestic oil production was up 2.2% to 4.3m barrels a day – or just under 5% of global supply – last year compa
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
