Sinopec oil and gas production fell nearly 2% in 2015

Oil and gas production at state-owned energy conglomerate China Petroleum & Chemical Corp (Sinopec) fell by almost 2% in 2015, The Wall Street Journal reported, citing a filing to the Hong Kong Stock Exchange. The firm’s diesel output also dropped by 5.67% to roughly 70 million metric tons as weak industrial activity sapped demand, though gasoline output rose by 5.39% to around 54 million tons thanks to a growing number of Chinese drivers, and natural gas production rose 2.6%. The firm’s annual domestic oil production fell nearly 5% to around 296 million barrels, underscoring Sinopec’s growing reliance on overseas oil fields as those on the mainland run drier.