Radio Free Asia by Michael Lelyveld 1/13/2020
The threat of conflict between the United States and Iran will pressure China to deal with its rising reliance on foreign oil and gas after years of unchecked growth, analysts say.
China's petroleum demand has been racing ahead of domestic production for over a decade, leaving it vulnerable to price spikes and disruptions in the Middle East.
China's dependence on foreign oil is particularly dire, rising to over 70 percent of consumption last year since topping 50 percent for the first time in 2008.
While China has sought to diversify its sources, the world's largest crude buyer still relied on OPEC suppliers for 54 percent of its imports in 2018, Enerdata's Global Energy Research said.
Despite several flare-ups of U.S.-Iran tensions in the past year, China's dependence has deepened with record oil imports averaging 11.13 million barrels per day (bpd) in November as refiners rushed to use up annual import quotas, according to Reuters.
More:
https://www.rfa.org/english/commentaries/energy_watch/chinas-energy-options-narrow-01132020121658.html
