China Lifts Crude Output to 4.42 Million Bpd as Middle East Oil Share Falls to 44.6%
Updated
Updated · Yahoo Finance · Aug 20
China Lifts Crude Output to 4.42 Million Bpd as Middle East Oil Share Falls to 44.6%
3 articles · Updated · Yahoo Finance · Aug 20
Summary
4.42 million bpd — China’s crude output rose 0.9% in January-July, while oil imports dropped to 7.8 million barrels a day in May, the lowest since 2017.
216 million metric tonnes of crude in 2025 and a 10 billion cubic metre rise in gas output reflect Beijing’s push to cut reliance on foreign energy through higher domestic production.
44.6% — China cut the Middle East share of its crude imports from 55.4% a year earlier, increasing purchases from West Africa, Latin America and Russia.
Discounted Russian and Iranian barrels have helped fill strategic reserves, cushioning China from price spikes tied to the Iran war and the Strait of Hormuz closure.
1.32 billion metric tonnes of oil equivalent were added to recoverable reserves, but rising industrial and population demand means China still falls short of full oil and gas self-sufficiency.