China historically increased oil imports in 2018

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China increased imports of oil and gas last year, the country's National Bureau of Statistics reports. In 2018, China imported 10.1% more oil. The volume of oil purchases reached 460 million tons. In December, imports grew by 30% compared to the earnings period of 2017. In the last month of the year, China imported more than 43 million tons of oil. At the same time, China reduced its oil production by 1.3%. Production decreased to 189.11 million tons in 2018 or 3.78 million barrels per day. Natural gas purchases increased by 31.9% in 2018 and exceeded 90 million tons. By contrast, gas production in China grew by 7.5% to 161 million cubic meters. Chinese authorities plan to increase oil and gas production in the country. Oil production will increase to 200 million tons. Natural gas production will reach 360 billion cubic meters, largely due to China’s desire to expand the use of clean energy.

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