China's New Five-Year Energy Plan Prioritizes Import Security and Domestic Supply Amid Geopolitical Risk

China's latest five-year plan for the oil and gas sector emphasizes reducing reliance on energy imports and mitigating risks from potential supply chain disruptions in the Strait of Hormuz. The strategy reflects Beijing's concerns regarding long-term energy security and the depletion of domestic crude reserves. It remains uncertain how effectively these domestic production targets can offset the country's structural dependence on foreign energy.