China Hits Oil Output Record

In January, China’s National Energy Administration said it was eyeing stable oil production of over 200 million tons in 2025. Two months later, oil production in the world’s largest importer of the commodity hit an all-time high of 4.6 million barrels daily, per official data. China is taking “Drill, baby, drill” to heart. It was Bloomberg’s energy columnist Javier Blas who cited the Chinese official oil production data. He also pointed out the rather ironic fact that while U.S. shale producers were hunkering down…