Posted on 12/30/2021 2:08:25 PM PST by elpadre
China has long relied on the Middle East to secure much of the oil needed to fuel its rapid economic development. Now Chinese President Xi Jinping wishes to create an “ecological civilization” that relies less on fossil fuels and more on renewable energy.
As the world’s largest oil importer seeks to become greener and more self-reliant, one might expect a shift in its attention and capital. The reality, however,
Since China became a net importer of oil in 1993, the Middle East has emerged as an increasingly important source of this critical commodity. By the time China surpassed the US as the largest importer of crude oil in 2017, almost half its supply originated from this troubled region.
Despite China’s years-long efforts to ramp up local production and diversify its acquisition, its dependency on the Middle East for crude oil remains intact. In 2020, China imported crude oil that totaled roughly US$176 billion. Almost half (47%) of these official imports came from Middle Eastern countries.
Notably, Saudi Arabia emerged as China’s largest crude oil supplier and was still maintaining its leading position as of October 2021. The $28.1 billion worth of oil exported from the Kingdom to China in 2020 accounted for 15.9% of China’s total crude oil imports.
Iraq found itself in third place, shipping $19.2 billion (10.9%) worth to the mainland over 2020. Oman, the United Arab Emirates and Kuwait were also among China’s top 10 suppliers, exporting $12,8 billion (7.3%), $9.7billion (5.5%), and $9 billion (5.1%), respectively.
China’s thirst for Middle Eastern oil is perhaps best exemplified by the case of Iran. During 2020 and into early 2021, Iran had reportedly exported almost 17.8 million tonnes (306,000 barrels per day) of crude oil to China in the face of US sanctions on the Islamic Republic.
(Excerpt) Read more at asiatimes.com ...
and more:
“...Evidence of this can be found in China’s efforts to develop the China-Myanmar oil and gas pipelines that run from Kyaukpyu port to Kunming, the China-Central Asia pipeline, and its plans to construct a China-Pakistan-Iran-Turkey (CPIT) energy corridor – to transport oil and natural gas primarily from Iran overland through Pakistan to China.
These projects are all designed to reduce the country’s heavy reliance on critical maritime chokepoints, through which roughly 83% of China’s oil imports transit.
In addition to the construction of new overland routes, China has developed a significant strategic reserve of oil, which according to the Oxford Energy Institute, is “estimated to contain 40 days’ supply.”
Meanwhile, Chinese national oil companies – CNPC, CNOOC and Sinopec – are planning to boost spending and are expected to drill 118,000 wells over the next five years at a projected cost of $123 billion. However, considering that only 2.4% of global proven oil reserves are located in China, the scope for increasing domestic production remains limited....”
Hahahah. Imagine, there are people out there that think
China is going to renewable energy! Bwhahaha!
from this article the Chinese have a serious Achilles Heel - energy. Their reliance on Mid-Eastern oil and NG is significant and certainly to be exploited by the US whenever threat of hostilities becomes a reality.
Looks like an excellent non-military way to persuade the Chinese not to invade Taiwan. Remember all the efforts our President Trump made to improve our relationship with Saudi.
Good point. We should let them know not so subtly that denial of access to the Persian gulf and it's oil would be a consequence for hostilities against Taiwan and their other Pacific neighbors.
CCP has built hundreds and hundreds of coal-fired plants; they’re not going green anytime soon.
How long would the U.S. reserve last -- 10 minutes?
The US “reserve” would last hundreds of years soon after restrictions on fracking are lifted.
bkmk
They take over the middle east. We move out. Problem solved.
Not if we’re still reliant on the ME.
Brandon made sure of that.
Sorry, I should have specified “strategic” reserve.
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