China Sets Crude Oil Production Target at 200M Tons, Expands Gas Pipeline Capacity to 500B Cubic Meters by 2030

On June 25, according to Jin10, China's National Development and Reform Commission and National Energy Bureau released the "New Energy System Construction Plan (2026-2030)." The plan targets stable crude oil production at 200 million tons annually while promoting steady growth in natural gas output through exploration and development of deep-sea, unconventional, and aging oil and gas fields.

By 2030, the capacity of China's trunk natural gas pipeline network is expected to reach 500 billion cubic meters per year, supporting enhanced infrastructure connectivity and optimized pipeline layout across provinces and regions.