← Back to Documents
Where Does China Get Its Oil_ - The Wire China.pdf
Path: /Users/duboy/side/case3/example-pdfs/Where Does China Get Its Oil_ - The Wire China.pdf
Title: China's Oil Import Dominance and Global Impact
Description: Explore China's rise as the world's largest importer of oil, driven by strategic initiatives to increase refinery capacity and secure oil reserves. From storing up bargain-priced oil during the Covid-19 crisis to becoming a key player in the global energy market, China's actions have reverberated worldwide.
Status:
finished
Pages: 5
Uploaded:
2026-03-02 09:58
Last Processed: 2026-03-02 10:46
Chunks (5)
Where Does China Get Its Oil? Today, China is the world’s largest importer of oil
and second largest refiner of oil. By Hannah Reale, Emma Bingham, and Kara Greenberg — July 12, 2020
{
|
iM”) ho! Sie...
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 leadi...
fact:
China is the world’s largest importer of oil and surpassed the U.S. to become the world’s leading importer in 2017, importing 11.8 million barrels per day.
“They’re storing up because
it’s really cheap right now, and they know they need it, and they know that
they can use it,” Wald said. “It’s not like it’s going to go bad.”
China snapped up oil at barg...
context:
China's increasing oil imports and refining capacity have made it the top importer and second largest refiner of oil globally, impacting energy markets. China's strategy of storing up oil at bargain prices due to the Covid-19 crisis has led to dwindling storage space.
context:
China's strategy of storing up oil at bargain prices due to the Covid-19 crisis has led to dwindling storage space, impacting its oil imports and energy markets.
China has the second largest refining capacity in the world and is responsible
for 16.2 percent of the world’s refinery throughput, just after the U.S., which
accounts for 20 percent. One of the reaso...
fact:
China's top sources of oil include Saudi Arabia and Russia, with Russia climbing to the top spot in recent years. China also extracts oil within its own borders. According to BP, China’s domestic production of crude oil was 3.836 million barrels a day in 2019 — not insignificant, but still well behind the U.S.’s 17.045 or Saudi Arabia’s 11.832 — putting China in 7th place worldwide for production.
fact:
China has the second largest refining capacity in the world and is responsible for 16.2 percent of the world’s refinery throughput, just after the U.S., which accounts for 20 percent. One of the reasons China has increased oil imports and refining capacity is to sell to other nations, particularly in Asia. According to Wald, “They’re finding that they're making money producing products and selling it to Asia, in other parts of Asia, so it makes sense to buy, store, refine, sell.”
Others like CNOOC, by contrast, were
founded in order to develop China’s capabilities in specific areas of the oil
industry, such as holding exclusive responsibility and juridical powers over
state c...