An economical x70 oil and gas pipeline and production method

X70 an economical oil and gas pipeline, the components and wt%: C: 0.10 ~ 0.14, Si: 0.15 ~ 0.35, Mn: 1.25 ~ 1.50, P: ≤0.015, S≤0.0020, Cr: 0.16 ~ 0.25, nb: 0.025 ~ 0.045, V: 0.030 ~ 0.050, Ti: 0.008 ~ 0.020, Al: 0.020 ~ 0.050, N: ≤0.008; production steps: smelting and casting into a billet; heating the slab to; rough rolling on a heavy plate mill ; points on a heavy plate mill finishing stage two; cooling; straightening. The present invention can be reduced than the conventional price of not less than 5%, and the yield strength of the steel sheet (Rt0.5) ≥485MPa, tensile strength (Rm) ≥570MPa, yield ratio (Rt0.5 / Rm) ≤0.88, extends rate (A50mm) ≥24%, - 20 ℃? KV2≥200J, -15 ℃? DWTT? SA≥85%.