China plans to further increase oil and gas exploration and accelerate the construction of more oil and gas storage infrastructure, state news agency Xinhua reported on Tuesday.

Last week, China’s Communist Party adopted the principles of the five-year development plan 2021-2025.

China will also aim to build more oil and gas pipelines, according to its authorities.

China has been looking to increase its energy security in recent years, including by increasing domestic oil and gas production and expanding its storage facilities.

Over the past decade, China’s oil production has been falling while its oil demand has been soaring, increasing Beijing’s dependence on sourcing oil from abroad.

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Source: Oil Price