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| On the Supply-side Structural Reform in the Oil and Gas Industry |
| Gong Jinshuang |
| CNPC Economics & Technology Research Institute |
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Abstract The supply-side structural reform in the oil and gas industry can be divided into three different levels. At present, there are four major categories of problems-a weak supply insurance capacity, a structural supply and demand imbalance, a certain degree of excess capacity and an imperfect market system. The primary target of supply-side reform in the oil and gas industry is ensuring a clean and efficient supply. The focus is to optimize the allocation of resources, improve resource allocation efficiency, and improve total factor productivity. Under the new situation, we should adjust the strategy and tactics used for supply insurance and carry out three tasks. We must adhere to the principles of "marketization", "globalization" and "integration" reform, strengthen the building of supply insurance capacity, improve the oil and gas market system, optimize the industry structure, and resolve excess capacity.
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Published: 19 December 2017
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2017, Vol. 24 
