Beijing, March 02, 2024, The Europe Today: In a recent report issued by a research institute under the China National Petroleum Corporation, China has solidified its position as the global leader in oil refining capacity. The annual oil refining capacity for the year 2023 surged to an impressive 936 million tonnes, securing China’s dominance in this critical sector.
The report further highlights that China’s oil consumption for the same year reached approximately 756 million tonnes, with crude oil processing hitting a record-breaking 738 million tonnes. Refined oil consumption experienced a notable increase, standing at 399 million tonnes, marking a significant 9.5 percent year-on-year growth.
China’s energy sector showcased remarkable stability and sufficiency throughout 2023. The annual crude oil production reached a substantial 200 million tonnes, maintaining consistent growth for six consecutive years, as indicated in the report. This achievement underscores China’s commitment to bolstering its energy resources and meeting the demands of its burgeoning economy.
The report’s findings reflect China’s strategic approach to energy security and self-sufficiency. With the nation’s continued advancements in oil refining capacity and production, it is poised to play a pivotal role in shaping the global energy landscape. As China’s energy sector thrives, the international community closely observes the implications of its evolving capabilities on the broader geopolitical and economic stage.
