China Oil: Production, Reserves & Role in the Market
China produces about 4.32 million barrels of crude per day (2025) and holds ~26.2 billion barrels of proven reserves (#13 worldwide). China matters to oil less for what it pumps than for what it buys: the world's largest crude importer, second-largest consumer, and for two decades the main engine of global demand growth.
Key Figures
| Measure | Value | As of / source |
|---|---|---|
| Crude production (#6 of tracked) | 4.32 Mb/d | 2025 · EIA |
| Petroleum consumption (#2 of tracked) | 16.37 Mb/d | 2024 · EIA |
| Proven reserves (#13 worldwide) | 26.2 Bn bbl | 2023 · EIA estimate |
| Crude imports | ≈11 Mb/d — the world's largest importer | customs data |
| Key suppliers | Russia, Saudi Arabia, Iraq, Iran (via intermediaries), Malaysia blends | trade data |
| Strategic stockpiling | Large, opaque SPR — buys dips, slows on rallies | see strategic reserves |
| Demand pivot | EV adoption is flattening gasoline demand; petrochemicals still growing | IEA/OPEC outlooks |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
Why China Sets the Demand Side
The demand engine
- Chinese demand growth drove much of the 2000s supercycle and the post-COVID recovery.
- Refinery runs and import quotas for independent "teapot" refiners are watched as high-frequency demand signals.
- Its opaque strategic stockpiling makes China a swing *buyer*: filling tanks on dips cushions price falls.
What to watch
- Monthly customs import data and refinery-run rates.
- EV penetration — Chinese gasoline demand may already be near peak, a structural shift for oil.
- Economic stimulus and manufacturing PMIs, which move oil prices within minutes of release.
Oil Companies Operating in China
| Company | Type | Ownership |
|---|---|---|
| Cenovus Energy | Independent producer (public) | Publicly traded; listed in Toronto and New York. |
| CNOOC Limited | National oil company (state-owned or state-controlled) | State-controlled: CNOOC (BVI) Limited, a state-owned entity, held about 60.5% of CNOOC Limited as of the third quarter of 2025, per the company's quarterly report. |
| CNPC / PetroChina | National oil company (state-owned or state-controlled) | State-owned: China National Petroleum Corporation (CNPC) held about 82.4% of listed PetroChina at the end of 2025 (82.19% directly plus 0.17% through Fairy King Investments), per PetroChina's 2025 annual report. |
| Sinopec | National oil company (state-owned or state-controlled) | State-owned: China Petrochemical Corporation (Sinopec Group) directly and indirectly held about 69.4% of Sinopec Corp at the end of 2024 and was reported at roughly 69.6% to 70% during 2025. |
From the oil company directory: companies with material producing operations here or headquartered here, hand-curated from company filings.
China Oil FAQ
How much oil does China produce?
China produces about 4.32 million barrels per day of crude oil (including lease condensate, 2025), ranking #6 among the countries tracked here. Source: EIA international statistics.
How much oil does China have in reserves?
China holds roughly 26.2 billion barrels of proven crude reserves (EIA estimate, 2023), the #13 largest in the world. Proven reserves shift with prices and technology — see the caveats on the oil-reserves page.
Where does China get its oil?
Roughly 70% is imported — led by Russia (discounted since 2022), Saudi Arabia and Iraq, plus sanctioned Iranian and Venezuelan barrels through intermediaries. Domestic fields (Daqing, Shengli, offshore Bohai) produce about 4 Mb/d but are mature and expensive to sustain.
Is Chinese oil demand still growing?
Total petroleum demand still edges up, but the mix is shifting fast: EVs and LNG trucks are eroding gasoline and diesel, while petrochemical feedstocks keep growing. Several forecasters now see Chinese transport-fuel demand peaking this decade — one of the most consequential turns in the global oil outlook.
Which oil companies operate in China?
The oil company directory lists Cenovus Energy, CNOOC Limited, CNPC / PetroChina, Sinopec with producing operations in China. See the directory for who owns each company and which basins it works.