The low oil price is likely to push forward massive exports of China's thermal power technologies upon the Belt and Road initiative to emerging economies with strong internal motivation to substitute oil and gas by thermal power, said Mei Xinyu, an expert with Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce (MOC).
Mei forecast that oversupply of crude oil probably would continue for years on depressed energy demand growth on world economic slowdown and energy subsidy reforms, newly added crude supply to the market, and development of alternative energies. In 2016, oil price may remain at low level or even drop further considering fundamentals of supply and demand, breakdown of cartel mechanism of OPEC, and geopolitical contradictions, said Mei.
Under such circumstance, China would be able to exports its advanced coal digging, transportation, and thermal power technologies to coal-rich countries under the push of Belt and Road initiative to realize win-win cooperation.
Latest comments