Crude oil production per month in China 2021-2024

In November 2024, roughly 17.25 million metric tons of crude oil were produced in China. This was an increase compared to the same two months the previous year. 

Crude oil industry leaders and consumer groups

China's leading oil, gas, and petrochemical companies are state-owned enterprises Sinopec and Petrochina. In 2023, they reported whopping annual revenues of around 3.3 and 3.2 trillion yuan, respectively. Their business performance is in part driven by increasing demand for oil and oil products by the automotive industry. With over two million cars sold each month, automobile sales in China stimulate demand for petroleum-based motor fuels. This is also reflected in the production of refinery products, such as gasoline and diesel.

China's growing appetite for primary energy

As the wealth of its residents grows, so too does the country's demand for primary energy sources. In 2023, China was ranked the world's largest primary energy consumer. Crude oil consumption has been climbing continuously in the past few years, although coal remains the most dominant energy source in the country. Together, coal and oil make up the lion’s share in China’s primary energy consumption.