17 January 2023 | Other

China produced a record amount of fossil fuels in 2022

According to the National Bureau of Statistics of China, the level of coal output reached 4.5 billion tons last year. It is 9% bigger than the data for 2021. Gas output increased by 6.4% by 218 billion cubic meters. The level of oil production exceeded 200 million tons for the first time since 2015, helping to reduce the country's dependence on expensive imports.

Power outages and droughts of the last year showed China's vulnerability related to the small number of energy products. Now, the removal of strict three-year anti-COVID restrictions imposed an obligation on energy producers to ensure the constant availability of affordable fuel.

December’s data showed that the sudden removal of anti-COVID restrictions in China had little effect on resource extraction. The extraction of all types of resources grew in a month, compared with the December of last year. The figures for coal and gas hit the record.

The level of crude oil processing also increased in a month. However, the level of oil processing decreased in 2022 compared to the record numbers of 2021. It happened because the anti-COVID restrictions limiting the mobility of citizens affected the demand. 

Company MarketCheese
Period: 14.11.2026 Expectation: 3500 pips
Sell Bitcoin with $75,000 in view
30 October 2026 49
Period: 14.11.2026 Expectation: 150 pips
Go short on SPX down to $7,500
30 October 2026 64
Brent sell
Period: 29.11.2026 Expectation: 450 pips
Brent crude sell-off targets $105
29 October 2026 54
Period: 12.11.2026 Expectation: 28000 pips
Go long on NVIDIA stock up to $243
29 October 2026 55
Period: 28.11.2026 Expectation: 130 pips
Invest in SPX with 7,850 in view
28 October 2026 68
Period: 28.11.2026 Expectation: 4200 pips
Selling EURUSD down to 1.07000
28 October 2026 79
Go to forecasts