| ID | 183437 |
| Title Proper | Prospects for China's oil industry development and Russia's role as a key supplier |
| Language | ENG |
| Author | Timofeyev, Oleg ; Oleg TIMOFEYEV, Sergey TITOV, Fanis SHARIPOV ; Sharipov, Fanis ; Titov, Sergey |
| Summary / Abstract (Note) | China's long-term power engineering development plans, which assume an increased role for nonfossil energy resources, and the midterm decline in oil consumption due to the coronavirus pandemic, raise questions about the role of China's oil industry and Russia's role as a key oil exporter to China. The authors analyze long-, medium-, and short-term trends in China's oil production, refining, and consumption, using current data from primary sources, and conclude that China's oil industry will recover its oil consumption and imports in the medium term. In the long term, despite the transition to green energy, the role and volume of oil consumption will grow until 2035 and then stabilize by 2050. This will create favorable conditions for Russia as one of the main suppliers of oil to the Chinese market. But at the same time, it will intensify competition between the world oil producers. |
| `In' analytical Note | Far Eastern Affairs Vol. 49, No.1; 2021: p.67-74 |
| Journal Source | Far Eastern Affairs Vol: 49 No 1 |
| Key Words | China ; Russia ; Oil Imports ; China's Oil Industry ; China's Energy System ; Coronavirus. |