The latest data showed that China has boosted its crude oil imports to 8 million barrels a day, thus surpassing the United States.
According to analysts at the British Standard Chartered bank, by the end of this year China could ramp up volumes of its oil imports to 8.6 million barrels a day.
By the begging of 2019, Chinese oil imports could reach as much as 10 million barrels daily, the experts say.
Growth will be provided by the government’s effort to fill up its strategic petroleum reserves and growing oil refining industry in China.
In 2015, China’s crude imports increased 8.8%. China is largely dependent on shipments of petroleum, kerosene and LNG from abroad. That is particularly why the development of its own oil refineries has become a key priority in Chinese energy policy.
China has surpassed the US in other sectors as well. Thus, it has become the largest car market in the world. Chinese airlines are actively developing too. In November 2015, China rolled out its first C919 aircraft which can compete with Airbus A320 and Boeing 737.
Back to oil, Chinese demand for it advanced 6.2% to 9.4 million barrels a day in 2015.
So now China is the world’s top oil importer, however it is only the second biggest oil buyer. Standard Chartered projects Chinese oil demand to grow 420 000 barrels a day in 2016. China is expected to account for 37% of global oil purchases in 2016.
By 2040, China and India are estimated to double their united consumption of the world’s oil to 30%, experts say.
