TCA Apr 2014

Mapping China in the Global Production and Consumption of Oil and Gas

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The global oil and gas industry has long been closely intertwined with geopolitics. China accounted for one-third of the world’s oil consumption growth in 2013 and is projected to surpass the United States as the largest net oil importer in 2014. Domestic production of oil falls woefully short of consumption across most of Europe, Eurasia and China, resulting in heavy dependence on outside sources of oil. China has extended oil-for-loan deals with Russia and select countries in Africa and Latin America to secure favourable terms in future oil supplies. With declining energy consumption per capita at home, the US is eager to cash in on its shale gas revolution by increasing exports to gas-hungry Europe and Asia. To meet domestic demand for a cleaner burning fuel, China has sought to raise natural gas imports via pipeline and overseas shipment (liquefied natural gas), and is also feverishly working to foment its own shale gas revolution. By Beijing Axis Strategy

 

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