Prospects for the development of China's oil industry and the role of Russia as a key supplier
Long-term plans for China energy system development, involving an increase in the role of non-fossil energy resources, and the medium-term reduction in oil consumption due to the COVID-crisis, raise the questions about the role of the Chinese oil industry and the role of Russia as a key importer of oil to China. The authors analyze long-, medium- and short-term trends in the production, refining and consumption of oil by China, using current data from primary sources. The authors conclude that China’s oil industry is restoring its oil consumption and imports. In the long run, despite the transition to green energy, the role and volume of oil consumption will grow until 2035 and then stabilize by 2050. This creates good opportunities for Russia, as one of the main suppliers of oil to China, but at the same time it will intensify competition between world oil producers.