(Source: China-Singapore Jingwei 2026-03-26)
"Instability is the worst case scenario for a solid economy. What should we do about energy supply? I think we have just realized that we cannot rely on oil, we cannot rely on oil from a specific region, and we must be extremely cautious about this. Now, countries must diversify their energy sources and cannot rely only on a single type of energy." Talking about the current sharp fluctuations in international oil prices, Jack Perry, chairman of the British 48 Group, told Sino-Singapore Jingwei.
Energy security under the US-Iran conflict is one of the hot topics at the Boao Forum for Asia 2026 Annual Conference. Many guests, including Jack Perry, have expressed concerns.
"Many Asian countries are highly dependent on the Middle East for imported crude oil, with Japan accounting for 90% and South Korea accounting for 70%. Geographical conflicts are reshaping the world's energy landscape and are weakening the cost advantage of Asia's manufacturing industry." said Luo Bixiong, chief scientist of China Energy Construction and chairman of China Electric Power Engineering Consulting Group Co., Ltd.
Recently, the stock markets of Japan and South Korea have fluctuated sharply. External analysts believe that this is closely related to the two countries' high dependence on crude oil imports.
But at the same time, China’s past efforts in energy security have been praised.
Li Cheng, founding director of the Center for Contemporary China and the World (CCCW) at the University of Hong Kong and former director of the John Thornton China Center at the Brookings Institution, said at the forum that the conflict between the United States and Iran has had an impact on the world, and it can be seen that China has a sense of crisis. Whether in terms of energy reserves or food reserves, China is very cautious and leaves room for advance.
Lin Yifu, director of the Institute of New Structural Economics at Peking University, said at the forum that if oil prices continue to rise, it is likely to return to the oil crisis of the 1970s. But China is well prepared for various external environments, because China is a large economy, like a large "aircraft carrier." As long as it does its own thing well, it can ride the wind and waves regardless of how the external environment changes. China is fully prepared for various external uncertainties, such as oil, and China's import sources are highly diversified.
In 2025, the electricity consumption of China's entire society will exceed 10 trillion kilowatt hours for the first time, and more than 1/3 will be green electricity. In 2025, the total installed capacity of wind power and photovoltaic power will historically exceed the installed capacity of thermal power.
For China’s work in ensuring energy security,Dong Xiucheng, Executive Dean of China International Carbon Neutral Economic Research Institute, w88 casinoGives a more precise summary. He told China-Singapore Jingwei that in recent years, China has taken "four revolutions and one cooperation" as the general guideline to build a strong defense line for energy security:
First, increase reserves and production. The stable production of crude oil exceeds 200 million tons, the production of natural gas has increased by 10 billion cubic meters for nine consecutive years, and the self-sufficiency rate of oil and gas has increased. The second is to improve the strategic oil reserve system and accelerate the construction of oil and gas pipeline networks. The total mileage exceeds 200,000 kilometers, and the resilience of oil and gas supply is enhanced. The third is to establish a diversified import strategy, expand channels such as Russia, Central Asia, and Latin America, reduce dependence on the Middle East, and lock in supply through long-term cooperation.
The fourth is to accelerate structural transformation. The proportion of non-fossil energy consumption is increasing year by year. The installed wind and solar power capacity ranks first in the world and the scale of nuclear power is leading. The fifth is to strengthen energy conservation and efficiency improvement, support high economic growth with a 3.3% energy consumption growth rate, and the fastest decline in energy consumption intensity in the world. Sixth, we will continue to improve the oil price formation mechanism and establish a "ceiling + floor" mechanism for refined oil products to hedge against fluctuations in international oil prices.
“Overall, China’s energy security work has achieved remarkable results. The energy self-sufficiency rate exceeds 84%, 90% of the increase in consumption is guaranteed domestically, and the ability to withstand external shocks has been significantly improved.”Dong XiuchengConcluded.
Learning from China’s experience and accelerating energy transformation has become a solution given by many guests at the Boao Forum for Asia 2026 Annual Conference.
Former Finnish Prime Minister Aho quoted former British Prime Minister Churchill as saying, "Don't waste a good crisis." Aho said that the oil crisis in the 1970s was a good crisis, forcing mankind to reduce its dependence on oil and promoting the development of alternative energy sources. The current crisis is a warning: we must continue to increase the proportion of independent oil production and find some alternatives.
Andrew Forrest, executive chairman and founder of iron ore production giant Ford River Group, said: “If every country and every company cannot achieve energy independence, it cannot achieve true independence. As the current situation in the Strait of Hormuz shows, the energy transition is urgent and every responsible leader should vigorously promote it. We must now have the courage to do what is really important - developing new energy. ”
Mohammed Abunayan, chairman of the Saudi International Electricity and Water Company, said that the war in the Middle East may accelerate the energy transformation in the Middle East. He said that in the past ten years, we have seen many scenarios that were not expected before, and green energy can become so economical and environmentally friendly. He pays great attention to green electricity and innovation. In this regard, he has to thank China very much. Without China, there would be no green energy.
Mohammed Abunayan said: “Saudi Arabia is one of the largest oil producers in the world, and traditional fuels will definitely continue to be produced and used. We are not choosing one or the other, but hope that all mankind can receive sufficient and safe energy supply, and that every country and region can obtain cost-effective fuel. ”
Dong Xiuchengsaid that from a global perspective, new energy is gradually being upgraded from a "carbon reduction tool" to a core pillar of energy security. The scale, technology, and cost advantages of China's industry will be further consolidated, and then become a leading force in the global energy transformation.
Attachment: Original link
