China’s Oil And Gas Production Hits Record in 2022 Half Year Report.
China’s crude oil and natural gas production reached a record high in the first half this year, data cited by Chinese news agency, Xinhua shows.
The government data further revealed that oil production was up 3.7% on the year in the first seven months of the year, totaling 120 million tons.
Natural gas production was up 5.4% to 126.7 billion cubic meters.The report stated that Shale oil made up a bigger part of the total output this year than last.
The share of shale oil rose by 14.4% over the seven months, while offshore crude also rose, by 7.9%.
Meanwhile, oil and natural gas imports were also relatively strong in the first seven months of the year despite a few dips as the country continued to fight Covid flare-ups with its zero-Covid policy.
According to the report by Xinhua, the zero-Covid policy pummelled the Chinese economy during the second quarter of the year, leading to sharp drops in manufacturing activity and consumer spending.
The situation also led to a decline in oil imports, prompting concern about the future of demand.
Current oil import data, for July, shows a rebound after imports dropped to the lowest in four years earlier in the year.
Yet they were still weaker than at the start of 2022.Imports of natural gas were down during the first seven months of the year.
The decline stood at 9.5% to a total of 62.2 million metric tons as gas prices rose sharply.
Imports of liquefied natural gas notably fell during the period by 20.3%, while pipeline gas imports rose by 10.8%, the latest customs data showed.
Beijing doubled down on this effort amid the energy crunch, as prices skyrocketed around the world.