{"id":34166,"date":"2018-10-30T16:09:09","date_gmt":"2018-10-30T10:39:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=34166"},"modified":"2018-10-30T16:09:09","modified_gmt":"2018-10-30T10:39:09","slug":"the-new-oil-game","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/the-new-oil-game\/","title":{"rendered":"The new oil game:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/indianexpress.com\/article\/opinion\/columns\/oil-indsutry-middle-east-america-crude-oil-prices-4924076\/\"><span style=\"font-weight: 400;\">The new oil game<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><b>Context<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The global importance of China\u2019s oil imports will be an increasingly pressing worry for India<\/span><\/li>\n<\/ul>\n<p><b>What will China do to mitigate its dependence on oil supplies from the Middle East?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China is the world\u2019s largest net oil importer, comfortably outstripping the US, and much of its crude comes from countries in the Middle East, including Iran.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China consumes approximately 13 million barrels of oil a day (mbd). Of that, 60 per cent is imported of which 50 per cent (approximately 4 mbd) is sourced from the Middle East<\/span><\/li>\n<\/ul>\n<p><b> What might be the consequences for India of such actions?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">India has major strategic interests in the Middle East. Aside from its dependence on the region for oil, it has eight million citizens who remit approximately $70 billion annually.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A convulsion in the region would give India a massive logistic and financial headache.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This could sharpen into a severe migraine if China were in pole strategic position at that time. China plays a long game. We must track its moves assiduously<\/span><\/li>\n<\/ul>\n<p><b>What are the alternatives available for the Chinese government?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Chinese leadership is fully aware of this chink and has for years sought to mitigate the risk by investing in non-oil sources of energy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> They have, for instance, committed $340 billion over the next four years to solar and wind. This is more than any other country in the world.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">They are operating 34 nuclear reactors and another 20 are under construction. And they have invested in long-term gas supply deals with Russia, Central Asia and Australia.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The reason is the surging demand for diesel\/gasoline-fueled vehicles. Twenty-one million of them hit the road in 2016 alone. China is the largest importer of crude oil in the world today and will remain so for the foreseeable future.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The new oil game:\u00a0 Context The global importance of China\u2019s oil imports will be an increasingly pressing worry for India What will China do to mitigate its dependence on oil supplies from the Middle East? China is the world\u2019s largest net oil importer, comfortably outstripping the US, and much of its crude comes from countries&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/the-new-oil-game\/\">Continue reading <span class=\"screen-reader-text\">The new oil game:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-34166","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704702428},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=34166"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/34166\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=34166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=34166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=34166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}