BREAKING: China’s crude oil production is up to a record 4.6 million barrels per day. In Q1 2026, total oil production in the country rose +1.3% YoY, to 4.4 million barrels per day. Since 2018, Chinese oil output has risen +1.0 million barrels per day. Meanwhile, refinery throughput rose +1.1% YoY in Q1 2026, to 184.3 ⁠million metric tons, or 14.9 million barrels per day. At the same time, natural gas output rose +3% YoY in Q1 2026, to 68.1 billion cubic meters. China is ramping up domestic energy production as Gulf supply disruptions reshape global energy flows.(The Kobeissi Letter)