China is the 5th largest oil producer in the world and the 2nd largest consumer. It's not just pulling from reserves that has dropped their consumption: for instance they have been switching very rapidly to electric trucks. At the same time they've been increasing internal production. I'm sure their goal is to balance production and consumption, to electrify enough of their demand that internal production can cover the remaining demand that's more difficult to electrify: jets, tanks, plastic, etc.

Compare the US and China on oil usage. The US is a net exporter compared to China being a huge importer.

And they for _sure_ are pulling from reserves since the US attacked Iran. The volume of imports and usage figures can only be explained that way. The impressive thing is the numbers suggest their reserves were massive and probably bigger than anyone thought.

They are for sure electrifying fast. In many ways the envy of the world on this. But they are oil import dependent and likely going to be more so soon if their reserves draw down too far.