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Beam pumping units have been widely used in oilfields worldwide due to its simple structure, strong field adaptability, and convenient maintenance. Different energy-saving technologies have also been broadly applied in various beam pumping units. Among these energy-saving methods, the variable speed drive is one of the most acceptable techniques in the oil and gas industry. In this paper, the energy-saving technology of variable speed drives is discussed in detail for beam pumping units pointing out existing difficulties and current research status in kinematics. Three application examples of a variable speed drive in Daqing oilfield, the largest oilfield in China, is shown.