Resta Energy: East and Southeast Asia oil production to be reduced by 50% by 2025

Crude oil prices rose
in early Asian trading on Monday, buoyed by Rystad Energy's forecast that crude production in East and Southeast Asia will fall by 50% between 2017 and 2025.

As of 23:50 EST on Sunday (12:50 Beijing time on Monday), New York Mercantile Exchange WTI crude oil futures for April rose 0.
39% to $63.
80 a barrel
.
Brent crude rose 0.
22 percent to $67.
19 a barrel
.

Oil production in Asia is declining
sharply due to the natural depletion of mature fields.
Total oil production in East and Southeast Asia will decline from 13.
1 million b/d to 10.
4 million b/d
by 2025, according to Resta Energy.

The decline in production is due to the dwindling
of newly discovered oil reserves in East and Southeast Asia.
Over the past 10 and a half years, there have been fewer and fewer new sources of oil, and the amount of newly discovered oil is limited and may not translate into production
.

Among them, China's oil production has fallen the least, and the huge Changqing oilfield will continue to provide stable production, which may contribute more than 1 million barrels per day of production
in the next five years.

Despite this, China's production has fallen
sharply in recent years.
The International Energy Agency (IEA) forecasts that China's production will reach 3.
8 million barrels per day in 2018, down 500,000 barrels
since 2015.

On the other hand, demand for oil in East and Southeast Asia is soaring
.
Last year, China became the largest buyer
of U.
S.
crude.
U.
S.
oil is destined for China from the newly renovated Louisiana Offshore Oil Port, which could become a growing trend
.

BP's annual energy outlook, released last week, said China and India alone will account for half
of global energy demand growth over the next 30 years.

As a result, the crude oil market is well supported
as demand for crude oil soars in Asia.