China vows to stabilise oil and gas output in new 5-year plan as global risks mount

Against the backdrop of oil prices surging past US$100 per barrel for the first time since the onset of the Russia-Ukraine war in 2022, China has its sights set on strengthening energy security by stabilising domestic crude production and strategic backups – exemplified by coal-to-oil and gas projects – for the next few years. The nation pledges to maintain annual crude production at 200 million tonnes, ensure a steady rise in natural gas output, and bolster technical readiness for coal-deriv...

By Carol Yang