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China has a significant oil dependency and it needs to import roughly 9 million
barrels of oil per day. The huge discrepancy between the consumption and production
makes China heavily reliant on oil imports and this dependence is expected to grow
over time.
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 China's
Oil Consumption vs. Production 2010 (million barrels per day)
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Sources: BP Statistical Review of World Energy June 2011
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According to the International Energy Agency, the volume of oil imports could rise
to 75% of China’s total consumption by 2030.
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China's
Oil Consumption (million barrels per day)
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Source: J.P. Morgan estimates, Bloomberg
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Oil
Rankings of Countries 2010
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Sources: BP Statistical Review of World Energy June 2011
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In recent years, China has been importing more oil from Latin American countries
such as Venezuela and Mexico. Brazil will also play a major future role in fueling
China’s economy.
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China’s
Oil Imports 2010
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