China vows to stabilise oil and gas output in new 5-year plan as global risks mount

Against the backdrop of oil prices surging past US$100 per barrel for the first time since the onset of the Russia-Ukraine war in 2022, China has its sights set on strengthening energy security by stabilising domestic crude production and strategic backups – exemplified by coal-to-oil and gas projects – for the next few years.The nation pledges to maintain annual crude production at 200 million tonnes, ensure a steady rise in natural gas output, and bolster technical readiness for coal-derived fuel through 2030, according to its latest five-year economic road map released on Thursday.“[China will remain] committed to ensuring self-sufficiency in meeting the core demand for oil and gas, implementing medium- and long-term strategic actions to expand reserves and ramp up production,” the draft plan said.As global oil supplies hang in the balance due to the Middle East conflict, both Brent Crude – one of the leading benchmarks for the global crude oil commodity market – and West Texas Intermediate crude, a key US oil benchmark, breached US$100 a barrel in early Monday trading.US President Donald Trump’s promise last week of state-backed maritime insurance and possible naval escorts for vessels transiting the Strait of Hormuz has failed to cool markets.China’s 15th five-year plan targets overall energy production capacity equivalent to 5.8 billion tonnes of standard coal by 2030, up from the goal of 4.6 billion tonnes set in the 14th five-year plan.Actual capacity at the end of last year was 5.13 billion tonnes, according to National Energy Administration data.