Name: China to lean more on Russian oil as risks rise, says strategist
Uploaded: 2026-01-12T08:19:23.125Z
Duration: 3 min 16 s
Description: Hao Hong from Lotus Asset Management explains how escalating geopolitical tensions - from Venezuela to the Middle East - are reshaping China’s energy supply. He says China is increasingly turning to Russia for oil and gas, while its heavy reliance on coal and renewable energy helps cushion the risk of major supply disruptions, even as global uncertainty rises.

Hao Hong from Lotus Asset Management explains how escalating geopolitical tensions - from Venezuela to the Middle East - are reshaping China’s energy supply. He says China is increasingly turning to Russia for oil and gas, while its heavy reliance on coal and renewable energy helps cushion the risk of major supply disruptions, even as global uncertainty rises.

Beijing

China is expected to increase its reliance on Russian oil imports as geopolitical tensions affect traditional suppliers such as Venezuela and Iran, according to a strategist interviewed by CNBC. Currently, China imports up to 80% of its oil and gas, and recent instability in the Middle East and Latin America has led to a slight uptick in Russian energy imports.

Despite uncertainties about future supply from countries like Venezuela and Iran, China's overall energy supply is not expected to be disrupted in the near term. The country continues to diversify its energy mix, with coal still providing over half of its energy and new sources like solar, wind, and hydro now accounting for more than 20% of consumption. The share of new energy is anticipated to grow significantly in the coming years.

China to lean more on Russian oil as risks rise, says strategist

With the developments that we had in Venezuela and the United States taking the president Maduro's He put him on trial and now we're watching the developments there But the market and the world was quick to question whether or not this would embolden China to make a move on Taiwan What I want to ask is given all the geopolitics that we've seen so far this year and we're only 12 days in How is China faring in all the different aspects you can start with the Venezuela bit first or where you see is most important Yeah, well, I think I'm the China still rely heavily on oil and gas import For national energy consumption about 30% of the Chinese energy consumption is coming from oil and gas And you know 70% up to 70 80 percent of the oil and gas consumed in China is actually imported So these countries has been a cheap source of energy for China I think since you know late last year because of the geopolitical situation in Middle East and also in now in Venezuela and also probably in Iran China is actually Dependent more on Russian import. So I think you know going into 2026 we actually seeing oil import from Russia. It's actually slightly increasing as well. So, you know if the situation's Gonna be Worsening from here then I will be surprised to see you know more and more imports or imports or the guest imports coming from Russia for China So is it could would you safely say that the China will not have any supply Crisis from any lost barrels from a Venezuela or Iran. I think for now We cannot draw that conclusion, you know Because more than 60 more than 50% of the energy consumption in China is coming from coal Is it still burning coal to generate most of the energy and also in recent years because of the new? Energy industry is booming in China So up to 20 was slightly more than 20% of the energy consumption is actually now coming from a new energy such as solar wind and hydro So I think you know, even though the situation Is sort of great for you know, I run and also for Venezuela But I don't think it's gonna disrupt the the energy supply for China for the time being We've seen incredible Advancements in the new energy space in China and staggering EV adoption Would you say that China is at or near peak oil demand? I Was I was I would be seeing the Chinese oil and gas Consumption going forward I would be decreasing, you know, according to the development in the new energy sector You know, most people didn't know that, you know for the installed electricity generation capacity a new energy capacity installation is actually higher now than the The traditional form of energy and I think now, you know just now I mentioned that you know more than 20% of the energy consumption It's actually coming from new energy and one shouldn't be too surprised to see that this proportion would Dramatically increase in the coming years

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