中石油和中石化雙雙減產
A shift in Beijing’s priorities away from production targets has allowed Chinese oil companies to halt output in maturing oilfields, a previously politically unpalatable decision that leaves them better placed for an eventual recovery in oil prices.
北京方面降低對產量指標的注重，使中國石油企業得以停止開採成熟油田。這個以往在政治上行不通的決定將使它們處於更有利的地位，以迎接油價的最終復甦。
International majors routinely scale back production from high-cost fields when oil prices fall, but in China, for decades, the government mandate has been to increase domestic supply and ensure energy security.
大型國際石油企業經常在油價下跌時縮減高成本油田的產量，但在中國，幾十年來政府下達的任務是增加國內供應，確保能源安全。
In years past, they were under pressure to produce higher numbers every year, even if they were producing uneconomically.
往年它們承受逐年提高產量的壓力，即使這種生產在經濟上不划算也在所不惜。
Now that pressure is gone, said Laban Yu, head of Asian energy research with Jefferies.
現在這種壓力消失了，傑富瑞(Jefferies)亞洲能源研究主管Laban Yu表示。
In the past week both PetroChina and Sinopec reported declines in oil production for the first half of the year.
過去一週，中石油(PetroChina)和中石化(Sinopec)都報告今年上半年石油產量下降。
Sinopec said domestic crude oil output fell 13 per cent versus a 3 per cent drop in its overseas operations, while PetroChina reported a 4 per cent decline in domestic production.
中石化表示，國內原油產量下降了13%，而海外產量下降了3%，而中石油報告國內產量下降4%。
Both managed to turn a profit in the first half, though PetroChina just barely remained in the black, reporting a 98 per cent plunge in first-half net profit to Rmb531m ($79m) while revenue fell 16 per cent to Rmb739bn.
兩家公司在上半年都實現盈利。儘管中石油勉強保持盈利，上半年淨利潤暴跌98%，至5.31億元人民幣（合7900萬美元），而營收下降16%，至7390億元人民幣。
Sinopec, whose refining arm benefits more from low crude prices, said net profit declined 22 per cent to Rmb20bn as revenues fell 37 per cent to Rmb880bn.
中石化——其煉油部門從低油價中獲得更多好處——報告淨利潤下降22%，至200億元人民幣，營收下降37%，至8800億元人民幣。
China’s third oil major Cnooc, which had told analysts it would likely cut output by as much as 5 per cent this year, said oil and gas production crept up by less than 1 per cent in the first half and is expected to see crude output fall in the second half of the year.
中國第三家大型石油企業中海油(CNOOC)此前告訴分析師，今年很可能減產高達5%。該公司現在表示，上半年石油和天然氣產量微升不到1%，預計今年下半年原油產量將會下降。
The company lost Rmb7.74bn in the first half, reversing from a profit of Rmb14.73bn a year ago.
該公司在上半年虧損77.4億元人民幣，去年同期實現147.3億元人民幣利潤。
In the first seven months of the year, Chinese crude oil output dropped 5 per cent compared with the same period of 2015, with production in July falling to levels last seen in late 2011.
今年頭七個月，中國原油產量同比下降了5%，7月份產量降至2011年末以來未見的水平。
That comes as refinery expansions and relaxed regulations on independent teapot refineries importing crude oil has turned China into a net exporter of oil products, easing Beijing’s fears of an oil supply shortage.
與此同時，煉油設施擴建和對以進口原油爲原料的獨立茶壺煉油廠放鬆監管，使中國成爲一個成品油淨出口國，也緩解了北京方面對於石油供應短缺的擔憂。
The language from Sasac has changed, said Thomas Hilboldt, head of energy research for Asia at HSBC, referring to the State-owned Assets Supervision and Administration Commission, which is in charge of state-owned companies.
國資委的措辭發生了變化，匯豐(HSBC)亞洲能源研究主管托馬斯•希爾伯特(Thomas Hilboldt)表示。他指的是負責國有企業的國務院國有資產監督管理委員會(SASAC)。
The top-down guidance is no longer targeting production thresholds but supply thresholds.
自上而下的指導不再瞄準產量門檻，而是瞄準供應門檻。
In simple terms, if all-in oil production costs are $50 to $60 a barrel to get oil out of the ground, and it can be purchased in the marketplace for $25, then you should just buy crude for $25, he said
簡單來說，如果開採石油的全部成本是每桶50美元至60美元，而在市場上用25美元就可以買到，那麼你就應該以25美元的價格買入原油，他說。
That marks a sea change for China, where increasing production year after year was the top political priority regardless of the cost.
這對中國是一個巨大變化；在中國，逐年提高產量而不計成本曾是最高政治任務。
Low oil prices and a supply glut have given oil companies the mandate to shut maturing fields and reduce workforces, even in northeastern provinces and the coal heartland where unemployment is already a big problem.
低油價和供應過剩使石油企業獲得了在成熟油田停產和減少勞動力的授權，即便在失業已經是一大問題的東北省份和煤炭腹地也是如此。
It’s not likely that the oil companies would close down oilfields on a large scale, but certainly they would use the chance to close down those old oilfields that produce little but cost a lot to operate, said Zhu Chunkai, oil analyst at .
石油企業不太可能大規模關閉油田，但可以肯定它們會利用這個機會關閉那些產量很小、但作業成本很高的老油田，卓創資訊()石油分析師朱春凱表示。
Cuts in high-cost production beginning in 2015 helped PetroChina and Sinopec stay profitable, said Mr Yu of Jefferies, adding there was a lot of fat to cut.
傑富瑞的Laban Yu表示，2015年啓動的削減高成本生產的努力幫助中石油和中石化保持盈利。他補充說，有大量脂肪可以切除。
