RE:RE:RE:RE:RE:What will happen to oil in this scenario you only touched on minor points. The real reason why china invested in western oil/gas is to learn and maybe steal their technology. Energy security of western oil/gas iasset is distant second or even third. I'll stay silence about their 2nd motive. They know the big prize isn't western oil/gas reserves which they know they will never control or operate or have majority interest.
They are pulling out western O&G now because they see new synergy with russia, reserves and technology wise, including nuclear energy.
Experienced wrote:
In my opinion, the change in Chinese energy investment strategy that you mention is consistent with other steps that they are taking.
The first is a shift to getting oil and gas from Russia through the construction of more pipelines over the next few years. These investments, I believe from a Chinese perspective provide a more secure and valuable security of supply than relying on other investments where western Governments are doing whatever they can to undermine investment in carbon based energy related projects.
The second is that China, unlike Western countries is forging ahead with nuclear power plants to supply and ever increasing share of elecricity generating capacity.
The third is that China seems to be well ahead of the West in developing renewable energy.
When you put all three together, China really doesn't need to invest in Western energy projects to ensure security of energy supply....and as you point out, makes China more sanction resilient in case of conflict with the West.