The crude oil primary energy production in China experienced fluctuations over the past decade, peaking at 21.46 ten million metric tons in 2015 and then generally declining until stabilizing from 2020 onwards. As of 2023, the production stood at 19.49 ten million metric tons. Notable year-on-year variations include a peak of 1.48% in 2015 followed by a significant drop of 6.93% in 2016. Recent years showed stabilization with minimal variations; for instance, 2023 saw a marginal increase of 0.024%. The CAGR over the last five years was relatively stable at 0.58%, indicating slight growth compared to a negative trend in earlier years.
Future trends to watch for:
- China's strategic moves towards energy diversification and self-sufficiency
- Impacts of geopolitical factors and international oil prices on production levels
- Technological advancements and investments in sustainable energy sources
- Changes in domestic demand and policy shifts influencing production