IEF: More Chance for China, US to Cooperate in Energy
With the booming shale production in the United States and growing demand in China, the two countries have more opportunities to cooperate in the energy field, Secretary General of International Energy Forum (IEF) Xiansheng Sun said last Tuesday.
In an interview with Xinhua during the CERAWeek by IHS Markit, Sun said US used to be a major importer of oil. But there has been a big change since American shale oil production increased largely in recent years which resulted in the reduction of oil import from the Middle East.
At the same time, China has become the more important energy importer now. This is driven by the total volume of the country's economic growth, and also by the change of the world consumer centers from the West to the East, Sun explained.
He believed the new trend has a significant impact on the global economic development and provides a chance for both the US and China to have a closer cooperation in energy.
"There is a big trade deficit in favor of China between the two countries. If in the future China can import more American crude oil and liquefied natural gas (LNG) I think the deficit will be reduced. It's beneficial for both sides," Sun commented.
In a global point of view, Sun said "if the two powerful nations have closer cooperation in trade and technology of energy in the future, I think it's good for the whole world. It's a win-win situation."
The 72-member IEF is a neutral facilitator of informal, open, informed and continuing global energy dialogue. Accounting for around 90 percent of global supply and demand for oil and gas, it aims to foster greater mutual understanding and awareness of common energy interests among its members.