China has consolidated its energy security through a targeted strategy of diversifying imports, and US President Donald Trump’s embrace of fossil fuel production with a “drill, baby, drill” mentality could serve to lower global prices – potentially good news for China as the world’s largest importer of crude and natural gas – according to an influential energy expert in Beijing.
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Meanwhile, Beijing should take actions to address an uneven distribution of energy resources in the domestic market, advised Jin Zhijun, dean of the Institute of Energy at the prestigious Peking University and a deputy of China’s top legislature.
“We have built a robust energy-security system to guard against unexpected events that could disrupt the energy supply,” Jin told the Post at the weekend.
China imported 553 million tonnes of crude oil last year, mainly from Saudi Arabia and Russia, compared with domestic production of 212.8 million tonnes. It also bought 183.1 billion cubic metres (6.47 trillion cubic feet) of natural gas from overseas, mainly from Qatar, Australia and Russia, versus last year’s domestic production of 246.4 billion cubic metres.
“Our imports of oil and natural gas are diversified across multiple countries, ensuring we are not dependent on any single nation or route, which, from my perspective, makes the supply quite secure,” he said.
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Moreover, the Trump factor is not entirely negative for China’s energy system, Jin added, as his decision to withdraw from the Paris Climate Agreement and his support for fossil fuels could help curb the rapid rise in prices.