China Boosts Domestic Oil Output as Iranian Supply Dries Up

China's National Energy Administration has directed PetroChina, Sinopec, and CNOOC to increase drilling, exploration, and establish strategic supply bases. This move follows an October 21 directive, prompted by the "Iran war" making dependable crude supply uncertain. Even China's vast stockpiles cannot indefinitely compensate for a reliable oil source. This push for domestic production could ease global supply concerns, potentially stabilizing crude oil prices, which might indirectly influence Pakistan's import bill and the USD/PKR rate.

بحوالہ / Source: oilprice.com