China reported a record drop in its crude oil production for the month of August. According to the National Bureau of Statistics, the country's production fell by 9.9 percent from a year ago to 16.45 million tons. The fall main comes due to state energy companies pumping less oil from high-cost fields.

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China also reported a 5.7 percent decline in crude oil output during the first eight months of the year. According to Bloomberg, the daily output for August stood at 3.89 million barrels, the lowest ever since December 2009. China was the fifth largest producer of crude in the world last year.

The country reported a corresponding increase in its crude oil export. According to the General Administration of Custom, China imported 7.77 million barrels of crude oil a day in August, the highest in four months.

Forbes reported that China's crude oil imports for the year increased by 16 percent. The country is likely to surpass the US as the leading crude oil importer. China's foreign oil dependency rate is now above 60 percent.

Sinopec, a state-owned oil giant, stated that it expects further a 16 percent decline in its crude oil production during the second half of the year. The firm's production during the period is likely to stand at 147 million barrels, down from 175 million barrels it produced during the corresponding period of the last year.

According to the US Energy Information Administration, in 2015, China produced 80 percent of its crude oil from onshore fields while remaining 20 percent came from shallow offshore fields. However, China reported a three percent increase in coal production in August, compared to the previous month.

TagsUS Energy Information Administration, Sinopec, General Administration of Custom