China's domestic oil production has lagged the growth in domestic oil consumption since the beginning of the 21st century,leading to a growing reliance on imports.In response,the Chinese government has introduced ...China's domestic oil production has lagged the growth in domestic oil consumption since the beginning of the 21st century,leading to a growing reliance on imports.In response,the Chinese government has introduced a number of policies,including import license constraints,to support domestic suppliers.In an effort to measure the economic impact of these policies we develop a short-run equilibrium model of China's wholesale oil and gas market at the provincial scale.We construct counterfactual scenarios that suggest that relaxing policies that prioritize domestic production in 2016,when the average price of Chinese oil imports was US$42 per barrel(bbl),could have increased China's import demand by 0.29 million barrels per day(MMbbl/d).This results in a substitution of 9%of China’s domestic production in 2016,and a reduction of US$2.8 billion in crude supply costs including transportation as the imported oil has more direct access to the country’s pipeline network,compared to the displaced domestic production.In addition,rising import prices since mid-2017 may provide a window of opportunity for Chinese policymakers to proceed with further deregulation of the domestic oil sector,as the short-term impact on domestic producers is reduced.展开更多
Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has ...Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has deepened its supply-side structural reforms,prevented and resolved the problem of excess production capacity,increased the effective supply of clean energy such as natural gas,and formed an energy innovation system.It has pushed forward the reform of pricing mechanisms with significant adjustments in the pricing mechanisms of oil products,pipeline transportation,gas storage and gas used for fertilizer production.It has also accelerated market access reform and encouraged various investors to enter into the fields of exploration & production,pipeline transportation and crude oil imports.China has sped up the legislative process of environmental protection to promote green and low-carbon development.It has accelerated oil & gas industry institutional reform,with some provinces initiating the pilot reform of oil and gas.展开更多
文摘China's domestic oil production has lagged the growth in domestic oil consumption since the beginning of the 21st century,leading to a growing reliance on imports.In response,the Chinese government has introduced a number of policies,including import license constraints,to support domestic suppliers.In an effort to measure the economic impact of these policies we develop a short-run equilibrium model of China's wholesale oil and gas market at the provincial scale.We construct counterfactual scenarios that suggest that relaxing policies that prioritize domestic production in 2016,when the average price of Chinese oil imports was US$42 per barrel(bbl),could have increased China's import demand by 0.29 million barrels per day(MMbbl/d).This results in a substitution of 9%of China’s domestic production in 2016,and a reduction of US$2.8 billion in crude supply costs including transportation as the imported oil has more direct access to the country’s pipeline network,compared to the displaced domestic production.In addition,rising import prices since mid-2017 may provide a window of opportunity for Chinese policymakers to proceed with further deregulation of the domestic oil sector,as the short-term impact on domestic producers is reduced.
文摘Guided by President Xi Jinping's key speech about energy revolution— "Four Revolutions and One Cooperation"-the Chinese oil and gas industry continued to accelerate its pace of reform in 2016.China has deepened its supply-side structural reforms,prevented and resolved the problem of excess production capacity,increased the effective supply of clean energy such as natural gas,and formed an energy innovation system.It has pushed forward the reform of pricing mechanisms with significant adjustments in the pricing mechanisms of oil products,pipeline transportation,gas storage and gas used for fertilizer production.It has also accelerated market access reform and encouraged various investors to enter into the fields of exploration & production,pipeline transportation and crude oil imports.China has sped up the legislative process of environmental protection to promote green and low-carbon development.It has accelerated oil & gas industry institutional reform,with some provinces initiating the pilot reform of oil and gas.
