Prospects for the development of China's oil industry and the role of Russia as a key supplier

 
PIIS013128120012334-8-1
DOI10.31857/S013128120012334-8
Publication type Article
Status Published
Authors
Occupation: Associate Professor of Department of international production business, The State University of Management; Associate Professor at the Institute of Foreign Languages
Affiliation: Peoples’ Friendship University of Russia (RUDN-University)
Address: Russian Federation, Moscow
Occupation: Professor of Innovation Management Department, National Research University Higher School of Economics; Associate Professor at the Department of management
Affiliation: Financial University under the Government of the Russian Federation
Address: Russian Federation, Moscow
Occupation: Head of international industrial business department
Affiliation: The State University of Management
Address: Ryazanskiy prospect, 99
Journal nameProblemy Dalnego Vostoka
EditionIssue 5
Pages67-74
Abstract

Long-term plans for China energy system development, involving an increase in the role of non-fossil energy resources, and the medium-term reduction in oil consumption due to the COVID-crisis, raise the questions about the role of the Chinese oil industry and the role of Russia as a key importer of oil to China. The authors analyze long-, medium- and short-term trends in the production, refining and consumption of oil by China, using current data from primary sources. The authors conclude that China’s oil industry is restoring its oil consumption and imports. In the long run, despite the transition to green energy, the role and volume of oil consumption will grow until 2035 and then stabilize by 2050. This creates good opportunities for Russia, as one of the main suppliers of oil to China, but at the same time it will intensify competition between world oil producers.

KeywordsOil imports, China's oil industry, China's energy system, China, corona virus.
Received22.10.2020
Publication date07.11.2020
Number of characters12651
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