China Oil & Gas Q1 2020
After returning to register a small growth in 2019 on the back of concerted efforts by China’s state-owned oil and gasgiants to boost spending on domestic projects, crude oil production is expected to return to a downtrend in 2020 as onshorereserves decline and investment shifts to focus on natural gas. Our outlook for both gas production and consumption continues tobe more positive. Ambitious state-set output targets for unconventional gas in particular, driving investment and output growthover the coming years, while stricter environmental laws and fuel switching in industry and households, drive growth inconsumption. Slowing economic growth, next to rising external headwinds, pose downside risks to an already cautious outlook forChina’s oil demand growth, and will drive domestic refiners to more heavily rely on exports.
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