The current status of crude oil supply in our country in the future

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Based on his research on the theory of the \"oil peak,\" Feng Lianyong, a professor at China University of Petroleum, predicts that, under the current pattern of domestic economic development, China’s oil demand will be 530 million tons in 2020 and 650 million tons in 2030. Domestic oil production is expected to start declining after reaching a peak in 2015, with that peak level not exceeding 200 million tons; this means that the need for imported oil will continue to increase. The shortfall between supply and demand at home will be 336 million tons in 2020 and 488 million tons in 2030. It is evident that the situation regarding the supply of oil resources in our country will be very severe in the future. As the country’s dependence on foreign oil supplies increases, the issue of a secure and stable supply of oil resources has become increasingly prominent, and it will gradually turn into a potential constraint on the safe operation of China’s national economy as well as its sustainable and stable development. To this end, our country **attaches great importance to it and has already begun to study, from a strategic development perspective, ways to enhance the security and reliability of China’s future oil supply**. To date, the strategic measures identified in our country to enhance the security of oil supply include increasing investment in overseas oil exploration and development, substantially boosting domestic oil reserve capacity, and striving to create conditions for diversifying the sources of imported crude oil as well as its transportation methods. In particular, diversifying the sources of imported crude oil as well as the modes of transportation will be the most important component among the series of major strategic measures taken by our country to enhance the security of its oil supply.