Accelerate the construction of the oil and gas reserve system

The construction of the oil and gas reserve system should be placed in the same important position as the investment in oil and gas exploration and development, and the formation of an oil reserve system
in which government reserves, corporate social responsibility reserves and production and operation stocks are organically combined and complement each other, and physical reserves, production capacity reserves and other reserve methods are combined.
Spurred by geopolitical conflicts, international oil prices broke through the $100 per barrel mark
for the first time since 2014.
Russia is the world's second largest oil exporter and the world's largest natural gas exporter, playing an important
role in the world oil and gas market.
The escalating Russian-Ukrainian conflict has once again raised concerns about
soaring energy prices and energy shortages.

The "breaking of 100" in oil prices is the result of the superposition of
multiple factors.
On the one hand, global crude oil demand has steadily recovered, but the two key indicators of international crude oil inventories and spare capacity are at historical lows, resulting in insufficient supply; On the other hand, under the global carbon emission reduction wave, many countries and enterprises have cut their exploration budgets, and upstream oil and gas investment has continued to decrease
.
In addition, the confusing international situation has exacerbated the uncertainty of global crude oil supply, coupled with the boost of capital sentiment in the short term, making international oil prices move towards a new stage high
.

In view of the potentially devastating impact of high oil prices, the International Energy Agency (IEA) recently issued a statement saying that it will continue to closely monitor the market and assess the need to start an emergency oil system, and IEA members are ready to take collective action to ensure that the global oil market is well supplied
.
The United States, Australia, Japan, and South Korea have said that they will consider releasing strategic oil reserves
if the Russian-Ukrainian conflict affects global oil supplies.
According to the data, as of the end of December 2021, the total oil inventories of IEA members are close to 4.
16 billion barrels, of which 1.
5 billion barrels are government emergency reserves
.

Affected by the news of the oil dumping of IEA member countries, international oil prices once fell in a short period of time
.
But given the global average of 100 million barrels of oil consumed per day, the reserves released by countries will soon be swallowed up by oil markets that are in short supply
.
In the medium and long term, oil dumps are unlikely to have a sustained impact on
oil prices.
Last November, after unsuccessful pressure on OPEC+ to increase production, the United States approved the release of 50 million barrels of crude oil from the strategic petroleum reserve in response to soaring oil prices
.
But so far, oil prices
have not been curbed.

While the rally cannot be completely reversed, the importance of strategic crude oil reserves is unquestionable
.
After the first oil crisis in 1973, developed countries joined forces to form the International Energy Agency
.
It is a joint initiative of developed countries to ensure energy security, the purpose of which is for member countries to take joint measures to control oil demand, distribute oil in emergency situations, and impose an obligation on member countries to reserve oil
equivalent to 90 days of net imports.

Judging from the experience of Western countries, although strategic petroleum reserves cannot fundamentally suppress the price increase caused by oil shortages, they are still very effective
in responding to certain emergencies and ensuring national energy security and stabilizing the oil market for a certain period of time.
In September 2005, to help alleviate the oil market tensions caused by the U.
S.
hurricane, the IEA announced that all members of the agency had unanimously agreed to use the Strategic Petroleum Reserve for a period of 30 days, with a total of 60 million tons
of oil put on the market.
This was the largest mobilization of oil reserves by the IEA and its member states in peacetime, which eventually led to a continuous sharp correction
in international oil prices at that time.

Due to resource endowments and economic structural reasons, China's oil dependence on foreign countries is as high as more than
70%.
The impact of changes in the world oil market on China's oil security is mainly manifested in two aspects: First, there is a possibility of a temporary shortage of international oil supply; Second, international oil prices are likely to fluctuate sharply in the short term, oil prices are too high to reduce the GDP growth rate, and too low prices will make the domestic oil industry lose money
.
Therefore, the establishment of a mature national strategic petroleum reserve system is extremely important
for China's economic and social development.

In 2001, China clearly proposed to establish a strategic reserve of petroleum, and planned to complete the construction of
hardware facilities such as oil depots in three phases from 2003 onwards.
According to the latest oil reserve data released by the countries currently available, as of the middle of 2017, China has built 9 national oil reserve bases, using the above reserves and some social enterprises to reserve 37.
73 million tons of crude oil.

On the whole, the construction of China's oil reserve system has achieved positive results, but compared with developed countries, there are still certain gaps
in scale, structure and system.

As a major importer of oil and gas, it is necessary to place the construction of the oil and gas reserve system in the same important position as investment in oil and gas exploration and development, and accelerate the formation of an oil reserve system
in which government reserves, corporate social responsibility reserves and production and operation stocks are organically combined and complemented by each other, and physical reserves, capacity reserves and other reserve methods are combined.
Establish and improve a multi-level natural gas storage and peaking and emergency response system
in which local governments, gas supply enterprises, pipeline and transmission enterprises, and urban gas enterprises are each responsible for their own responsibilities。 Multiple measures are taken simultaneously to deal with possible international oil and gas supply disruptions and price fluctuations
.

From a higher dimension, while unswervingly accelerating the transformation of clean energy, we should improve the energy supply guarantee and reserve emergency response system
.
Coordinate the green and low-carbon transformation of energy and the security of energy supply, improve the ability to guarantee energy supply that adapts to economic and social development and various extreme situations, optimize the layout of energy reserve facilities, and improve the coordination mechanism for
coal, electricity, oil and gas supply guarantees。 Improve the coal, oil, and natural gas production, supply, storage, and marketing systems, and explore the establishment of a hydrogen energy production, supply, storage, and marketing system
。 Actively promote the construction of power stations in leading reservoirs in the river basin, and improve reservoir energy storage, operation regulation and emergency call capabilities
。