This November, many Britons will be seeing their first or second extraordinary energy bills as winter rears its bitter head and homes grow cold. While winter creates a familiar dent in many British pockets due to increased heating bills, this year the dent is closer to a chasm.
The People’s Republic of China has become one of the most prominent geopolitical leaders worldwide, with a booming economy, growing domestic consumption, and a skyrocketing rise of global financial influence through world-renowned investment projects such as the infamous Belt and Road initiative. Such a rise has deeply affected its energy consumption, requiring a prevalently coal-driven energetic production to keep up with its ramping economic growth.
Oil and natural gas are undergoing an important crisis, as they are running out worldwide. In this context, powers like Russia and China have chosen to detach from the reliance on Middle Eastern oil, and have been seeking to create their own regional independence to the point companies such as Gazprom and Sinopec have overtaken US and European former leaders like ExxonMobil and Shell. What does this imply for oil security in Northeast Asia? And how are these countries coping with sustainability and oil consumption?