Sinopec, as China Petroleum is known, produced almost 472 million barrels of oil equivalent in 2015, down 1.7 percent. Cnooc overtook it by pumping about 496 million, jumping nearly 15 percent. PetroChina Co. remained the largest, at 1.49 billion barrels.From a post just the other day:
PetroChina ready to cut losses. Link here:So, we have, for China:
As oil’s collapse leaves some fields with no chance to turn a profit, China’s biggest producer is ready to cut its losses.PetroChina Co. sees oil and gas output falling the first time in 17 years as it shuts high-cost fields that have “no hope” of making profits at current prices.The world’s biggest oil company by market capitalization after Exxon Mobil Corp. said output will slide 2.7 percent this year to 1.45 billion barrels of oil equivalent as a drop in crude production overwhelms higher gas output.There's actually a bigger story here than some observers might note. Obviously PetroChina wasn't exporting much of their oil; their country needs all they produce. With their biggest producer cutting back, China will be importing more oil.
1. PetroChina 4 million bopdIn round figures, Saudi Arabia, Russia, and the US each produce about 10 million bopd, the US closer to 9 million, Saudi Arabia closer to 12 million bopd.
2. CNOOC: 1.4 million bopd
3. Sinopec (China Petroleum): 1.3 million bopd