China's New Five-Year Plan Preps the Nation for Peak Oil
Iraq Wants to Double Oil Output—and Needs OPEC to Get Out of the Way Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and… China's energy strategy has largely shielded it from the fallout of the war in Iran and the resultant closure of the Strait of Hormuz, a vital artery for global oil and gas trade.
However, the country's newest five-year plan for its oil and gas sector reveals ongoing anxieties about geopolitical tensions, future conflicts, reliance on energy imports, and the country's dwindling crude supplies.
Released to the public on Monday by the National Development and Reform Commission and the National Energy Administration, thenewest five-year planfocuses on building up China's strategic reserves of natural gas as well as its ability to import increasing volumes of the fossil fuel.
The plan calls for an expansion of overland and coastal import capacities for liquefied natural gas (LNG) as well a renewed focus on LNG storage capacity.
More specifically, the plan targets 200 million tonnes of terminal capacity, 114 billion cubic metres of pipeline capacity, and ensuring that natural gas storage capacity outpaces national consumption by 13 percent, all as of the year 2030.
In addition, the plan outlines a strategy to ramp up domestic oil production.
This plan reveals a few things about the state of China's energy security.
First, it reflects the overwhelming success of the country's previous approach to creating a strategic fossil fuel stockpile to buffer the nation from global oil and gas market volatility.
Second, it reveals that Beijing is still unable to wean itself off of foreign fossil fuel imports in spite of its gargantuan efforts to build up indigenous energy supplies andestablish itself as the world's first electrostate.
Finally, it shows China's continued ambivalence when it comes to clean energy buildout and balancing decarbonization goals with industrial ambitions and energy security anxieties.
SetOilPrice.comas a preferred source in Googlehere.
At the same time that the newest five-year plan calls for a considerable increase of natural gas infrastructure, it also specifically calls for the country to reach peak oil consumption, which some experts contend could happenas soon as this year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment