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OIL: China Oil and Gas Production at Record Levels in 2024

OIL
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China’s oil & gas output exceeded 400 million tonnes for the first time in 2024, Xinhua reports.

  • China’s National Energy administration said that the country’s crude oil and natural gas output rose by 10mt last year for the eighth consecutive year.
  • Crude oil production reached 213mt in 2024, 24mt higher than 2018.
  • Natural gas production reached 246.4bcm in 2024, having grown at over 13bcm per annum over the past 6 years.
  • Offshore and unconventional reserves have become the main contributors to growth in Chinese production. China’s shale oil output rose 30% y/y last year to 6mt. Meanwhile, shale gas output exceeded 25bcm last year.
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China’s oil & gas output exceeded 400 million tonnes for the first time in 2024, Xinhua reports.

  • China’s National Energy administration said that the country’s crude oil and natural gas output rose by 10mt last year for the eighth consecutive year.
  • Crude oil production reached 213mt in 2024, 24mt higher than 2018.
  • Natural gas production reached 246.4bcm in 2024, having grown at over 13bcm per annum over the past 6 years.
  • Offshore and unconventional reserves have become the main contributors to growth in Chinese production. China’s shale oil output rose 30% y/y last year to 6mt. Meanwhile, shale gas output exceeded 25bcm last year.