Chinese Oil Major Vows All-Out Effort to Ensure Domestic Supply
(Bloomberg) -- China’s largest oil and gas company said it would make “every effort” to ensure there are no domestic shortages as Beijing tries to buffer its economy from energy shocks caused by the Iran war.
China National Petroleum Corp. Chairman Dai Houliang said the company would respond to external shocks and place greater emphasis on security of supply, according to a statement following a meeting of the firm’s leaders on Wednesday.
His remarks reiterated messaging from the Communist Party’s decision-making Politburo on Tuesday, when it met for the first economy-focused meeting since the war in Iran broke out.
The war, now in its third month, has caused the largest disruption to oil and gas supplies in history, and shows no signs of letting up. Brent oil rallied to a wartime high Thursday after Axios reported that US President Donald Trump is set to receive a briefing on new military options for action in Iran, signaling the potential for a fresh escalation.
China has benefited from years of efforts to cushion itself from global oil volatility that include building up massive crude reserves, shifting its energy system toward coal and renewables, and electrifying major consuming sectors like transportation and heat. Still, the country is the world’s largest oil and gas importer, and the conflict’s impacts have already been felt in refinery cut-backs and higher power prices in some regions.
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