• 6 hours Oil Prices Rise After API Reports Major Crude Draw
  • 6 hours Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 7 hours Gazprom Speaks Out Against OPEC Production Cut Extension
  • 7 hours Statoil Looks To Lighter Oil To Boost Profitability
  • 9 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 10 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 11 hours Whitefish Energy Suspends Work In Puerto Rico
  • 12 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 24 hours Thanksgiving Gas Prices At 3-Year High
  • 1 day Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 1 day South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 7 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
Tesla To Spike, Then Crash

Tesla To Spike, Then Crash

Electric car giant Tesla is…

Can Oil Majors Continue To Beat Estimates?

Can Oil Majors Continue To Beat Estimates?

As oil prices claw their…

Xi Says China Needs Energy ‘Revolution’

Xi Says China Needs Energy ‘Revolution’

Chinese President Xi Jinping said June 14 that his government is drawing up new criteria for reforming energy consumption and production and will move faster to modernize its outdated energy regulations.

“To ensure national energy security, China needs to take steps to rein in irrational energy use and control the country’s energy consumption by fully implementing energy-saving policies,” Xi told a meeting of the government’s Office of the Central Leading Group on Financial and Economic Affairs.

Because of its prodigious coal production, China became the world’s largest energy producer in 2007.  Three years later it became the world’s largest consumer of energy, with increasing dependence on imports of foreign oil and gas, according to U.S. Energy Information Administration statistics.

Xi said China must reduce its reliance on coal and increase the use of more diverse sources to generate electricity, turning more to gas, wind and solar energy, and nuclear power. As for coal, he said the government will turn more to “clean coal” technologies and refitting coal-fired plants to limit pollution and energy waste, and to restrict energy consumption.

Related Article: China’s Oil Hoarding Is Raising Prices

Such moves could go a long way to reducing China’s well-known air pollution caused by industrial carbon emissions – about one-fourth of  total global emissions – that have led to dense, unhealthful smog in many cities and, in some cases, political unrest.

Xi noted that China is already on the path to energy conservation: The country’s coal consumption rose by only 1.85 percent from 2012 to 2013. This was far less than the 8.3 percent rise from 2002 and 2011. Meanwhile, China’s use of cleaner-burning gas rose 15.4 percent in 2012 and 13.9 percent in 2013.

Also, China has overseen an enormous increase in renewable energy production, with solar and wind power up 122 percent and 35.3 percent respectively in 2013. Still, Xi said, today nearly two-thirds of the country’s energy is generated by coal, and he wants that reduced to about one-half by 2023.

By Andy Tully of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News