China wants to see more international cooperation to stabilise power prices and boost the global energy trade, the nation’s assistant commerce minister has said, as the world’s No 2 economy looks to steady domestic supply after weeks of disruptions.
Market volatility had increased as a result of global energy shortages driven by a sharp uptick in post-pandemic demand and extreme weather, Ren Hongbin said.
Slow investment in energy projects due to earlier forecasts of low oil and gas prices have exacerbated the power crisis, Ren was quoted as saying by the Paper.cn at the 10th China International Oil and Gas Trade Congress in Shanghai on Monday.
“It is hoped that the energy industries of various countries will take coordinated action to promote global energy trade, investment and production capacity coordination, jointly maintain the stability of the energy market, and to boost sustained recovery and growth of the world,” the minister said.
To a certain extent, national energy security requires international trade to facilitate
To steady prices, Ren said countries should “strengthen policy coordination” and “balance new energy and traditional energy”.
Speaking at the same event, Luo Yizhou, deputy general manager of PetroChina International, acknowledged the importance of multilateral cooperation in China’s long-term energy security.
“To a certain extent, national energy security requires international trade to facilitate,” Luo was quoted as saying.
Global energy prices surged in the third quarter of this year, with spot prices for natural gas more than quadrupling to record levels in Europe and Asia compared to last year, and the ripple effects being felt in markets for commodities like coal and oil, according to the International Monetary Fund (IMF).
Read more in South China Morning Post.