On December 24th, the annual LNG production of Bozi Dabei gas field in Tarim Oilfield, China's largest ultra deep condensate gas field, exceeded 10 billion cubic meters, while producing 918,900 tons of condensate oil.

The annual LNG production of Tarim gas field has exceeded 10 billion cubic meters, with a significant increase in supply, which may lead to oversupply in the market and exert downward pressure on LNG spot prices. Given the relatively stable growth rate of LNG demand in China, the increase in supply will intensify competition, and there is a high risk of short-term price pressure.

The gas field simultaneously produces 918,900 tons of condensate oil. As a type of light crude oil, the increase in production of condensate oil may slightly increase the spot supply of crude oil and have a negative impact on prices. However, considering the large size of the global crude oil market, this increment is relatively limited and the impact is relatively light, mainly reflected in the psychological level of regional markets.

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