China to cap domestic oil production at 3 million barrels per day by 2022

China to cap domestic oil production at 3 million barrels per day by 2022

A global oil market that has been a major driver of the U.S. economy for decades is expected to shrink by more than 3 million bpd in 2022, according to forecasts from a research firm that provides industry insights to the White House.

The report from Bloomberg New Energy Finance predicts that the global oil supply will peak at about 3.1 million bd in 2022 and then shrink by another 3 million to 3.0 million bb by the end of the decade.

The forecast assumes a global oil production of about 1.5 million barrels a day.

The Bloomberg New Enterprise estimates that the U,S.

oil production in 2022 will fall below the world average of 1.7 million b/d.

This year is shaping up to be a pivotal one for global oil prices.

With U.N. negotiations about the oil price ceiling in place and China in the midst of a surge in its domestic production, the world will be looking for ways to limit the impact of the OPEC cartel on global oil markets.

China, which accounts for more than half of global oil consumption, is expected by the International Energy Agency to increase its oil output to about 3 million by 2022, a record level.

Chinese officials have repeatedly said they plan to ramp up domestic oil output as the country’s economy grows and the country prepares for a planned global economic growth.

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