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
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
