China takes advantage of the opportunity to build up crude oil reserves, while global prices are relatively cheap. China remains the leading country among world’s largest crude oil importers. Lately, the government managed to boost oil imports substantially. Low prices stimulate buying activity and increase the number of international shipments.
Competition among major exporters rises as well. Saudi Arabia, Angola, and Russia make up the top three of crude oil suppliers. Saudi exports to China amounted to 1.38 million barrels per day in February. In the meantime, Russia almost doubled its oil shipments. Exports of Russian oil surged by near 48% through a year to 1.03 million barrels per day. As of 2015, the Kremlin took the lead in volumes of exports. Experts anticipate that Russia will be able to narrow the gap with the Saudis this year. Iran, which has only recently regained its freedom in the global market, is also augmenting shipments to China. Export volumes have already reached 538,000 barrels per day, and it is not the limit. It was reported that Asia’s major refining company Sinopec and state-owned oil corporation Zhuhai Zhenrong contracted with Iran to import another 505,000 barrels per day in 2016. That is why China is largely considered to stay the world’s top crude oil importer.
