He also pointed out the rather ironic fact that while U.S. shale producers were hunkering down amid falling oil prices despite Trump’s passion for drilling, Chinese state energy majors were boosting local production consistently, reversing a downward trend in that production that had begun a decade ago—despite predictions that China’s oil demand is about to peak any day now. The National Energy Administration reported in January that total oil and gas production in China last year topped 400 million tons of oil equivalent for the first time ever, “playing a "ballast" role in ensuring the stable production, supply and prices of oil and gas in the country.” Crude oil output specifically reached 213 million tons, equal to a daily average of about 4.3 million barrels. Greater domestic production means a lower need for imports, and that means the effect of China’s import data on international prices should, at some point in the not-too-distant future, cease to have the dramatic effect it does now.
Author: Irina Slav
Published at: 2025-04-23 23:00:00
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