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-derived fuel through 2030, according to its latest five-year economic road map released on Thursday.
“[China will remain] committed to ensuring self-sufficiency in meeting the core demand for oil and gas, implementing medium- and long-term strategic actions to expand reserves and ramp up production,” the draft plan said.
As global oil supplies hang in the balance due to the Middle East conflict, both Brent crude – one of the leading benchmarks for the global crude oil commodity market – and West Texas Intermediate crude, a key US oil benchmark, breached US$100 a barrel in early Monday trading.
US President Donald Trump’s promise last week of state-backed maritime insurance and possible naval escorts for vessels transiting the Strait of Hormuz has failed to cool markets.
China’s 15th five-year plan targets overall energy production capacity equivalent to 5.8 billion tonnes of standard coal by 2030, up from the goal of 4.6 billion tonnes set in the 14th five-year plan.
Actual capacity at the end of last year was 5.13 billion tonnes, according to National Energy Administration data.
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