Global community must work together to ensure security of energy supplies and curb speculation in the energy sector to avoid price spikes, Chinese Vice Minister of Commerce Ren Hongbin said on Monday
BEIJING (Pakistan Point News / Sputnik - 08th November, 2021) Global community must work together to ensure security of energy supplies and curb speculation in the energy sector to avoid price spikes, Chinese Vice Minister of Commerce Ren Hongbin said on Monday.
"We need to work together to curb speculation in the energy sector, avoid price spikes, protect the long-term interests of the industry, and effectively reduce the problem of energy poverty," he said at the opening ceremony of the 10th China International Petroleum Trade Conference.
Ren added that countries' energy industries also need to enhance policy coordination, as well as strike a balance between the use and development of new energy sources and traditional energy resources.
"The recent tense situation in the energy supply in some countries and regions has caused fluctuations in the international market, which once again highlighted the importance of ensuring the security of energy supply," he said.
Beijing is currently facing energy crisis amid the increase in oil, gas and coal prices. This is caused by a fast growing demand for energy from industrial enterprises, increasing their production after the COVID-19 pandemic. Due to the electricity price fluctuations, several Chinese provinces have significantly reduced their electricity supply for industrial production.
Moreover, some provinces, mainly those located in the country's northeast, are facing disruptions in power and heating supply, amid coal deficit and surging prices of natural gas. This is happening as the country's authorities are struggling to reduce carbon dioxide emissions, the use of coal, and boost the green economy.
