Suggestions of changes in international crude oil market for Chinese national energy security

This year a serial of geopolitical events cast significant influence on international crude oil market. As a result, oil export from some North African and Middle East countries was interrupted. World crude oil prices are driven to a high level. Besides, oil marine transportation via Suez Canal and Aden Bay is exposed to more pirating risks. In order to ensure Chinese national energy security, China need to further diversify its oil import originations. Also, national oil reservation system shall be established as soon as possible. To improve oil transportation safety, China should build more oil pipelines as well as self-owned VLCCs.