China’s struggling oil sector has entered a challenging new phase: long-term decline of its domestic production. According to The Wall Street Journal, oil production in China likely peaked last year at around 4.3 million barrels a day, according to new data and interviews with industry executives. The development has significant implications globally, including the potential […]
Category: Commodities
The tough times for China’s oil companies appear likely to continue after two major oil drillers reported weak earnings Wednesday. The Wall Street Journal reports PetroChina Co. and offshore oil explorer Cnooc Ltd. both predicted little chance of recovery in global oil prices in the second half of the year. The companies have been among […]
China’s Sinosteel Corp. is on track to be the first state-owned company to convert debt into equity under a new government program for debt-laden companies, which began last month, according to a document reviewed by Caixin. A draft plan to convert Sinosteel’s bank debt into equity holdings for those lenders was submitted to the State […]
China will use the stricter enforcement of environmental, safety and energy efficiency standards as well as tougher credit controls to help fight against overcapacity in key industrial sectors, the government said. Reuters reports China has identified overcapacity as one of its key challenges and has pledged closures in the steel and coal sectors, but it […]
Coal prices have soared this summer, after new mining restrictions curbed production in China, the world’s biggest producer and consumer. According to The Wall Street Journal, benchmark prices for thermal coal in Asia, Europe and the U.S. have climbed by more than a third since April, while the price of coal used in steelmaking is […]