A shift in Beijing’s priorities away from production targets has allowed Chinese oil companies to halt output in maturing oilfields, a previously politically unpalatable decision that leaves them better placed for an eventual recovery in oil prices.
International majors routinely scale back production from high-cost fields when oil prices fall, but in China, for decades, the government mandate has been to increase domestic supply and ensure energy security.
“In years past, they were under pressure to produce higher numbers every year, even if they were producing uneconomically. Now that pressure is gone,” said Laban Yu, head of Asian energy research with Jefferies.
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