CN: "Increased Oil and Natural Gas Production... Expansion of Energy Cooperation Countries"

[Asia Economy Reporter Kim Daehyun] China has announced plans to strengthen energy production and expand cooperation with partner countries to secure energy supply.

On the 1st, Zhang Jianhua, Director of China's National Energy Administration, wrote in an article for the Chinese Communist Party's official newspaper, the People's Daily, that "the international political and economic situation has entered a period of great upheaval," and "new and old energy risks are intertwined," pointing out that "regional and cyclical energy supply issues occasionally arise, exposing the long-standing weak link in oil and gas resources."

Director Zhang stated, "Chinese authorities will employ various methods to strengthen the energy supply chain, including increasing oil and gas production, expanding reserves, and enhancing international energy cooperation," adding, "We will build energy partnerships along the 'Belt and Road' (一帶一路, the land and maritime Silk Road) and steadily expand our network of cooperating countries."

He added, "We will promote practical cooperation with major energy and resource-producing countries and strengthen energy infrastructure connectivity with neighboring countries."

China is the world's largest energy importer and has been on edge as oil and natural gas prices soared due to last autumn's energy crisis and the recent war in Ukraine.

According to the China Petroleum and Chemical Industry Federation, China imported 510 million tons of crude oil last year, with an overseas dependency rate as high as 72%, mainly from Saudi Arabia and Russia. It is also known that the overseas dependency rate for natural gas, of which 168.7 billion cubic meters were imported last year, was 44.3%.

Meanwhile, U.S. President Joe Biden said in a White House speech on the same day, "I have coordinated the release of strategic reserves with partner countries and allies around the world," and "this morning, more than 30 countries worldwide convened an emergency meeting and agreed to release tens of millions of additional barrels into the market."

With international oil prices soaring following Russia's invasion of Ukraine, this statement emphasized the participation of allied countries in releasing reserves after the U.S., highlighting America's leading role.

However, after receiving a joint reserve release proposal from the U.S. in November last year, China stated, "We will manage the release of reserves according to actual circumstances and demand."

This content was produced with the assistance of AI translation services.