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Why do you say China huge impact on global oil prices.

Why do you say China huge impact on global oil prices.

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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Why do you say China huge impact on global oil prices.

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

According to a Forbes article, as the world's second-largest economy, China has 24.6 billion barrels of oil reserves, the second in the Asia Pacific region (except Russia). Even so, China has been unable to meet its strong growth in demand for oil.

In 2015, China's oil production is 4.3 million barrels per day, however, at the same time the country's oil demand is 11.6 million barrels per day. This mismatch between supply and demand caused by China's oil demand growth over the past 15 years is approximately 6%, at the same time, oil production rate is only 2%.

Therefore, in the past years, China's share of global oil demand increased year by year, and its balance in the contribution of the world's oil supply.

In addition, in order to meet the country's oil demand, China imports a lot of oil from other oil exporter. In order to make up for the oil supply deficit, in 2014, China imported 6.2 million barrels of oil per day. At the end of 2015, China's oil imports accounted for 15% of the world's oil imports.

We think that China plays an important role in deciding on the global oil prices, China's crude oil demand has had a huge impact on global oil supply and demand.

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