China Cites 4.8% Oil Import Drop as Manageable, Backed by 200 Million Tons of Output
Updated
Updated · Global Times · Jun 14
China Cites 4.8% Oil Import Drop as Manageable, Backed by 200 Million Tons of Output
3 articles · Updated · Global Times · Jun 14
Summary
China said its 4.8% year-on-year drop in crude oil imports in the first five months reflects a manageable adjustment, not a supply strain, despite scrutiny during the global energy crisis.
Four pillars underpin that claim: strategic petroleum reserves launched in 2004, diversified oil and gas sourcing across five cooperation zones, domestic crude output above 200 million tons a year, and fast-growing wind, solar and storage capacity.
Shale oil output has risen eightfold since 2018, while offshore fields have supplied more than 60% of new oil output for five straight years, helping keep China sixth globally in oil production.
Non-fossil energy has already overtaken oil as China’s second-largest energy source during the 2021-25 plan period, a shift the IEA linked to structural economic changes and rapid adoption of alternative transport technologies.
That energy mix, China argues, supports Asia-Pacific supply chains and exports of photovoltaic modules, wind equipment and storage systems, extending its domestic resilience into regional economic and energy security.