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China hit record crude and natural gas output, energy regulator says
Natural gas production rose by 10 billion cubic meters last year, while newly added recoverable oil and gas volumes increased 5.6% year over year to 1.32 billion tons of oil equivalent.
China’s oil and gas output rose to record levels last year, with the National Energy Administration reporting crude production of 216 million tons and oil and gas output measured in oil equivalent at 420 million tons.
The regulator said natural gas production climbed by 10 billion cubic meters in 2023, and the annual growth rate for oil and gas was unchanged for the ninth straight year.
The report also cited higher energy company reserves, with new recoverable oil and gas volumes reaching 1.32 billion tons of oil equivalent, up 5.6% year over year.
OilPrice said China’s push to cut dependence on imported energy has included filling storage with discount Russian and Iranian crude in recent years, which helped provide a supply cushion estimated at about 1 billion barrels during a period of higher international prices.
Latest closeWTI crude $87.52 ▲3.1%|Nat gas $2.883 ▲0.6%