According to data released by Wood Mackenzie, a research consultancy group, oil production is falling in Asia faster than anywhere else in the world. Wood Mackenzie estimates that by 2020, oil production will have fallen by around 13%, to 6.5 billion barrels per day, in Asia.
The dive in crude oil prices several months ago resulted in firms cutting back on investment and expansion in the sector. The Chinese government recently admitted that domestic oil production is declining, and oil output could fall by around 7% by 2020.
As of the 18/01/2017, at around 7PM (GMT), Brent Crude is trading at $54.17 per barrel, down from an intra-day high of around $55.84.