Over the past few decades, China has steadily and dramatically increased its oil imports as well as is refining capacity. As a result, China is now the world’s largest importer and second largest refiner of oil, helping reshape global energy markets.
This week, we’re looking at how and when China became the world’s top importer of oil, how its suppliers have changed, and which Chinese companies are the most important to the country's domestic oil industry.
China is the World’s #1 Oil Importer
Two decades ago, China’s imports of oil were generally on par with other populous developing nations like India. But they have grown considerably since then: What the country imported in 1999 is just 11 percent of what the country takes in today. In 2017, China even surpassed the U.S. to become the world's leading importer. Last year, China imported 11.8 million barrels per day, outpacing the United States, which imports 9.1 million barrels per day, according t
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