China's foreign oil dependence by nearly 60% if only enough for 75 days of war

Date:2015-07-10

May 25, Chinese President Xi Jinping visited Zhoushan strategic petroleum reserve, stressing sure to boost the strategic oil reserve. Earlier in February 10, he chaired the ninth meeting of the Central Financial Work Leading Group noted that energy security, accelerate the improvement of strategic oil reserves. This shows that it attaches great importance to the strategic oil reserves.

I believe that if the majority of Chinese people know the great contrast the latest Chinese and US dependence on foreign oil, you will empathy.

  

According to the US Energy Information Administration (EIA) Announcement - 2014, the American Petroleum liquid energy (including oil, liquefied natural gas and ethanol gasoline, etc.) of external dependence has fallen to 26%. EIA and is expected to decline further in 2015 to 21.3 per cent. In 2005, the US dependence on foreign oil as high as 60%.

In 2005, US net oil imports to 1255 million barrels / day to 2014 had dropped to 493 million barrels / day, of which oil imports fell 444 million barrels / day, the export volume increased by 291 million barrels / day. 2014, US domestic oil production and supply capacity of 1397 million barrels of liquid energy / day of crude oil daily production reached 870 million barrels, an increase of 1.2 million barrels, the highest value for the 1900 statistics since the data. Remaining ethanol gasoline and liquefied natural gas. According to EIA forecasts, in 2020 the United States may in the future become a net exporter of oil. According to a conservative estimate of BP oil company, the United States will become a net exporter of oil in 2030.

US dependence on foreign oil dropped rapidly, thanks to the Obama administration's push for energy independence revolution. After President Obama took office, he determined to get rid of the high dependence on the Middle East and the external oil. It adopted an open offshore oil development, increase biodiesel production, as well as a variety of new measures such as alternative energy supplies, particularly oil and gas shale development aid, so that oil and gas production in the United States increased dramatically. At the same time, as an alternative, the liquid total energy consumption of new energy growth is limited, which makes the external dependence of the rapid decline in US oil.

Moreover, the US natural gas basically achieve self-sufficiency. 2014 January to September, only 697,000 tons of its natural gas imports and almost negligible. Currently, the Obama administration has approved the shale gas exports to Europe and Japan, it is expected in 2020 the United States will become the world's third largest gas exporter after Qatar and Australia. It should be stressed that the United States is now the natural gas price of about $ 2.75 million British thermal units, if the US dollar against the RMB exchange rate 6.21 calculated as 0.572 yuan / cubic meter. The Beijing residential natural gas, automotive gas prices were 2.28 yuan, 5.12 yuan.

US coal is also self-sufficient, a large number of exports. 2014 US 929 million tons of coal production, exports 091 million tons, mainly exported to Asia, especially China.

Moreover, the US dependence on Middle East oil to drop sharply. 2014 Middle East oil imports accounted for only 21% of the total import volume of the United States. Given the US strategic petroleum reserve (including government and commercial reserves) is 96 days, if the EIA 21.3% expected in 2015 dollars US dependence on foreign oil, assuming Middle East Persian Gulf blockade, the United States can remain static normal oil supply 2146 days (more than 5 years and 10 months), considering the meantime because of soaring oil prices, shale oil and gas, ethanol, gasoline and new energy at full capacity, the US Energy will significantly extend the normal supply cycle.

And contrary to the US Energy Revolution, China Petroleum (12.37, -0.03, -0.24%) external dependence rapid rise from net exports after 1993, to the end of 2014 has risen to 59.6%.

In China's oil import dependence and ever-increasing, while dependence on Middle Eastern oil as well. Referring June 2014 released by China Customs import crude oil from January to May data source, imports of crude oil in the Middle East still imports 51% of the total.

At the same time, China's strategic oil reserve is far less than the United States. China Institute of Economics and Technology released the "2014 domestic and international oil and gas industry development report" relatively accurately, which shows that by the end of 2013, our government strategic oil reserves for the use of 8.9 days, 13.8 days available for commercial crude oil reserves, the country's oil reserves Static total capacity of about 22.7 days, far less than the 90 days set by the International Energy Agency's safety standards.

Considering China's oil import dependence has reached 59.6% at the end of 2014, Middle East oil imports accounted for 51%, if the Middle East, Israel, Saudi Arabia and Iran war, the blockade of the Persian Gulf oil transport disruptions, China only normal supply of petroleum 74.8 days that two and a half months. Compared with the US, the gap is huge.

Therefore, China must take all possible measures to increase the strategic oil reserve.

TypeInfo: Trade News

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