Mongolia exported a total of 6.5 million of barrels of oil to China in 2019; the represents an increase of 355 thousand of barrels on the previous year, reported the Xinhua news agency.
The country’s oil exploration has increased ten-fold within six years. For example, oil exploration in Mongolia increased to 1.8 million barrels in 2015. Oil exploration and production is likely to soar when Mongolia’s first refinery comes on line in the near future. Currently, the crude oil extracted is all shipped to China. In 2000 it was estimated that Mongolia has reserve of 2.3 billion of barrel oil – many now consider this to be far more.