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    Home > Chemicals Industry > International Chemical > China surpassed the United States to become the world's largest crude oil importer

    China surpassed the United States to become the world's largest crude oil importer

    • Last Update: 2022-12-26
    • Source: Internet
    • Author: User
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    In 2017, China was the largest importer of crude oil, importing 8.
    4 million b/d
    .

    China surpassed the United States to become the world's largest crude oil importer

    According to the U.
    S.
    Energy Information Administration (EIA), new refinery capacity and strategic inventory reserves, combined with declining domestic oil production, were the main factors
    contributing to the rise in Chinese imports.

    U.
    S.
    crude imports in 2017 were 7.
    9 million b/d
    .

    About 56% of China's crude oil imports come from OPEC countries, down from a peak of 67% in 2012
    .

    From 2012 to 2017, the market share of Russia and Brazil in China's imports increased from 9% to 14%, and from 2% to 5%,
    respectively.

    In 2016, Russia surpassed Saudi Arabia to become China's largest source of foreign crude oil, exporting 1.
    2 million b/d
    .

    The EIA noted that the EIA recommended that OPEC and non-OPEC countries, including Russia, agree to continue reducing crude oil production through the end of 2018, which could allow other countries to increase their market share
    in Chinese crude oil imports.

    In 2017, China was the largest importer of crude oil, importing 8.
    4 million b/d
    .

    Crude oil imports

    China surpassed the United States to become the world's largest crude oil importer

    China surpassed the United States to become the world's largest crude oil importer

    According to the U.
    S.
    Energy Information Administration (EIA), new refinery capacity and strategic inventory reserves, combined with declining domestic oil production, were the main factors
    contributing to the rise in Chinese imports.

    U.
    S.
    crude imports in 2017 were 7.
    9 million b/d
    .

    About 56% of China's crude oil imports come from OPEC countries, down from a peak of 67% in 2012
    .

    From 2012 to 2017, the market share of Russia and Brazil in China's imports increased from 9% to 14%, and from 2% to 5%,
    respectively.

    In 2016, Russia surpassed Saudi Arabia to become China's largest source of foreign crude oil, exporting 1.
    2 million b/d
    .

    The EIA noted that the EIA recommended that OPEC and non-OPEC countries, including Russia, agree to continue reducing crude oil production through the end of 2018, which could allow other countries to increase their market share
    in Chinese crude oil imports.

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