An engineer checks pipelines at an oil refinery of China National Petroleum Corp (CNPC) in Lanzhou, Gansu province. Photo: Reuters
An engineer checks pipelines at an oil refinery of China National Petroleum Corp (CNPC) in Lanzhou, Gansu province. Photo: Reuters

Oil price plunge likely to spur China’s quest for energy diversification, despite short term gain, analysts say

  • Oil prices have plunged over the past week due to the Saudi-Russia price war, a boon to China because it imports 70 per cent of its oil
  • But the fall could hurt Chinese oil companies and is unlikely to affect Beijing’s long term focus on energy diversification, analysts say

An engineer checks pipelines at an oil refinery of China National Petroleum Corp (CNPC) in Lanzhou, Gansu province. Photo: Reuters
An engineer checks pipelines at an oil refinery of China National Petroleum Corp (CNPC) in Lanzhou, Gansu province. Photo: Reuters
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