China plans for peak oil demand amid pipeline increase, intelligent rig development

China has announced a new dedicated five-year plan to drill more crude oil and expand its network of pipelines as the world’s largest importer of fossil fuels faces heightened supply risks from geopolitical tensions. The plan, unveiled on Monday by the National Development and Reform Commission and the National Energy Administration, called for natural gas storage capacity to exceed 13 per cent of national consumption by 2030. China also aimed to expand the annual handling capacity of its...