Sunday, November 12, 2017
China's Impending Oil Peak
medium | A new scientific study
led by the China University of Petroleum in Beijing, funded by the
Chinese government, concludes that China is about to experience a peak
in its total oil production as early as next year.
The study was published on 19 September by Springer’s peer-reviewed Petroleum Science
journal, which is supported by China’s three major oil corporations,
the China National Petroleum Corporation (CNPC), China Petroleum
Corporation (Sinopec), and China National Offshore Oil Corporation
(CNOOC).
Since
1978, China has experienced an average annual economic growth rate of
9.8%, and is now the world’s second largest economy after the United
States.
The new study points out, however, that this economic growth has been enabled by “high energy consumption.”
In
the same period of meteoric economic growth, China’s total energy
consumption has grown on average by 5.8% annually, mostly from fossil
fuels. In 2014, oil, gas and coal accounted for fully 90% of China’s
total energy consumption, with the remainder supplied from renewable
energy sources.
After
2018, however, China’s oil production is predicted to begin declining,
and the widening supply-demand gap could endanger both China’s energy
security and continued economic growth.
By
CNu
at
November 12, 2017
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Labels: Irreplaceable Natural Material Resources , The Great Game , What Now? , WW-III
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