The Supply and Demand Change of Oil and the Oil Security in China

Fundamental changes have taken place to China' s economy since 1970s. In the last 32 years,it is a miracle that China's GDP growth has reached 9. 9%. However,China's fast economic growth is accompanied by enormous resources consumption,and oil takes a large share of China's energy supply. However,oil production in China cannot keep pace with the growth of national economy. In general,the demand of oil in China keeps rising which gives severe test to the oil supply in China. Owing to several problems such as the great gap between supply and demand,the imperfect petroleum reserve system,the single channel of oil import,the imperfect of oil pricing mechanism,and the unstable international political situation,China is facing a more and more serious risk of oil security. At present,China cannot get rid of its dependence on oil,so oil security strategy becomes more important.