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China Has Spent Years Preparing for the Iran Oil Crisis
China is well positioned to cope with the cutoff of supplies of oil from the Middle East after decades of focus on building up its stocks of oil. China has made self sufficiency in energy a key goal for the economy. China uses 16 million barrels a day of oil, of which 12 million is imported, and production inside China is a little over 4 million barrels a day. It normally adds 1 million barrels a day to its stockpile inventory. This inventory stockpile is 1.2 billion barrels and is good for 100 days. China is able to make up for oil supplies by importing more from Russia. The Power of Siberia 2 pipeline for natural gas is being pushed forward for natural gas supplies from Russia to China. China has large supplies of coal for electricity. It also is increasing its capacity to make renewable energy, solar panels and wind turbines.
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