CommoditiesMedium•26 October 2026•
1 min read
China Orders Oil Majors to Boost Domestic Output Amid Iranian Supply Disruptions
Key Facts
1China's National Energy Administration directed PetroChina, CNOOC, and Sinopec to expand domestic production capacity and increase investment.
2The directive follows a drying up of Iranian oil supplies due to the ongoing war.
China's National Energy Administration has directed PetroChina, CNOOC, and Sinopec to expand domestic production capacity and increase investment. According to oilprice.com, the formal directive aims to accelerate the development of national oil and gas supply bases to ensure energy security.
The mandate follows a significant disruption in Iranian oil supplies caused by the ongoing war, forcing Beijing to prioritize domestic exploration over import reliance. Regarding market performance, 0883.HK closed at 23.94 HKD on October 26, 2026, while PCCYF closed at $1.1 on October 23, 2026.