China, the world's top producer of rare-earth elements, recently conducted surveys of areas rich in deposits in an effort to better exploit those strategic resources and foster high-quality development of commodities.

PetroChina starts drilling work on 47 wells in Jimsar to unlock potential reserves

Intensified efforts by Chinese oil and gas companies to tap the country's huge shale oil reserves have started paying off, helping bolster the country's energy security, experts said.

Domestic firms boosting production, seeking greener alternative sources

While China has stepped up efforts to boost domestic crude oil production and is also trying to replace oil with cleaner alternatives including natural gas, biomass and renewable energy, insiders predict that the country's dependency on foreign crude oil imports will not ease in the short term.

China, the world's biggest producer of rare-earths metals, will enact new measures to better exploit its rare-earth resources, and rectify market order and the management of the market, the country's top economic planner said on Tuesday.

NEW YORK, May 8 (Xinhua) -- Oil prices climbed on Wednesday after newly-released data showed a surprise drop in U.S. crude stockpiles.

The West Texas Intermediate for June delivery rose 0.72 U.S. dollar to settle at 62.12 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was up 0.49 dollar to close at 70.37 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased during the week ending May 3, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.0 million barrels from the previous week.

At 466.6 million barrels, U.S. crude oil inventories were at the five-year average for this time of year.

Oil prices were also boosted by the recent geopolitical tensions between the United States and Iran, however, the gains were somewhat capped by worries about the global outlook for energy demand.


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WINDHOEK, May 8 (Xinhua) -- Mineral production in Namibia increased significantly in 2018, according to information released on Tuesday by the country's Chamber of Mines.

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