{"id":26509,"date":"2017-10-05T20:15:42","date_gmt":"2017-10-06T01:15:42","guid":{"rendered":"http:\/\/olduvai.ca\/?p=26509"},"modified":"2017-10-05T20:15:42","modified_gmt":"2017-10-06T01:15:42","slug":"chinas-economic-boom-is-about-to-be-cut-short-by-peak-oil-warns-state-funded-study","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=26509","title":{"rendered":"China\u2019s economic boom is about to be cut short by peak oil, warns state-funded study\u00a0"},"content":{"rendered":"
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China\u2019s economic boom is about to be cut short by peak oil, warns state-funded study\u00a0<\/a><\/h3>\n<\/div>\n
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<\/blockquote>\n

A new scientific study<\/a> led by the China University of Petroleum in Beijing, funded by the Chinese government, concludes that China is about to experience a peak in its total oil production as early as next\u00a0year.<\/strong><\/p>\n

Without finding an alternative source of \u201cnew abundant energy resources\u201d, the study warns, the 2018 peak in China\u2019s combined conventional and unconventional oil will undermine continuing economic growth and \u201cchallenge the sustainable development of Chinese society.\u201d<\/p>\n

This also has major implications for the prospect of a 2018 oil squeeze\u200a\u2014\u200aas China scales its domestic oil peak, rising demand will impact world oil markets in a way most forecasters aren\u2019t anticipating, contributing to a potential supply squeeze. That could happen in 2018 proper, or in the early years that\u00a0follow.<\/p>\n

There are various scenarios that follow from here\u200a\u2014\u200aChina could: shift to reducing its massive demand for energy, a tall order in itself given population growth projections and rising consumption; accelerate a renewable energy transition; or militarise the South China Sea for more deepwater oil and\u00a0gas.<\/p>\n

Right now, China appears to be incoherently pursuing all three strategies, with varying rates of success. But one thing is clear\u200a\u2014\u200aChina\u2019s decisions on how it addresses its coming post-peak future will impact regional and global political and energy security for the foreseeable future.<\/p>\n

Fossil fuelled-growth<\/strong><\/h4>\n

The study was published on 19 September by Springer\u2019s peer-reviewed Petroleum Science<\/em> journal, which is supported by China\u2019s three major oil corporations, the China National Petroleum Corporation (CNPC), China Petroleum Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC).<\/p>\n

Since 1978, China has experienced an average annual economic growth rate of 9.8%, and is now the world\u2019s second largest economy after the United States.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

China\u2019s economic boom is about to be cut short by peak oil, warns state-funded study\u00a0 A new scientific study led by the China University of Petroleum in Beijing, funded by the Chinese government, concludes that China is about to experience a peak in its total oil production as early as next\u00a0year. Without finding an alternative […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[130,240,6113,14695,595,617],"class_list":["post-26509","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-china","tag-economic-growth","tag-insurge-intelligence","tag-naffed-ahmed","tag-oil-production","tag-peak-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26509"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26509\/revisions"}],"predecessor-version":[{"id":26510,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/26509\/revisions\/26510"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}