China's Oil Output Hits Record High
China produced a record amount of crude oil last year, at 216 million tons, with natural gas production also rising substantially, the National Energy Administration reported today. Together, the oil and gas output of China in terms of oil equivalent rose to 420 million tons—a record high. Natural gas alone rose by 10 billion cubic meters last year. The annual growth rate was unchanged for the ninth year in a row, the NEA said. Chinese oil and gas companies also boosted their reserves, with new recoverable oil and gas volumes at 1.32 billion…