Crude oil production of the CNPC decreases by about 2.9% this year

According to the CNPC, in the face of low oil prices pressure, in 2016, they will cut down capital spending and crude oil production in China to deal with oil price pressure. What’s more, oil prices drop could lead to further reduction of production and capital expenditure in order to maintain profits and positive cash flow.

A worker in CNPC says in 2016 the CNPC will cut down capital expenditures by about 23% over the previous year, but he does not mention specific figures. However, the company plans to produce 108 million tons of oil in 2016, reducing by about 3.2 million tons or 2.9% compared with the same period of last year. And in 2016, CNPC also aims to process 150 million tons of crude oil, 107 million tons of refined oil and 115 million tons of refined oil for sales.

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