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
Topic |   China economy

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