China's New Five-Year Plan Addresses Peak Oil Concerns and Energy Security

Source Summary

China released a new five-year plan for its oil and gas sector on Monday through the National Development and Reform Commission and the National Energy Administration. The plan reflects concerns about geopolitical tensions, future conflicts, reliance on energy imports, and declining crude supplies, despite the country's energy strategy having largely insulated it from disruptions caused by the Iran conflict and Strait of Hormuz closure.