China Crude Oil Import Data: Everything you need to know about Crude Oil Import Business in China

China import data suggests that it is one of the largest importers of crude oil. According to Cybex.in China foreign trade data, the country holds over 25 million barrels of crude oil. Out of the total Crude Oil reserves in China, over 7 million barrels are imported from other countries like Iraq, Brazil, Russia, Saudi Arabia, and Angola. Although China is acknowledged mainly for smartphones and gadgets, it also focuses on producing natural products like Crude Oil. The statistics show that China has produced over 4 million barrels of crude oil each year since 2016. These statistics are growing swiftly as the total consumption of crude oil in China increases up to 12 million.

Do you know? China is the first country responsible for reserving over 1.5% of the total oil reserves at the global level. Not only this but a few statistics have shocked the crude oil importers and exporters to the core. China’s oil reserve is five times what the country consumes on an annual basis.

In 2019, Cybex.in research on the fluctuated prices of crude oil in China, which touched $238.7 billion — the total cost of crude oil imported to China. Since 2015, this wholesome value of oil imported increased by 77.7%, causing China to rethink its annual oil consumption in 2020. And, reserve oil for future purposes.

For the most part, up to 15 countries associate China with exporting Crude petroleum oil. According to Cybex.in Crude Oil import data from China, the country declined its import of Crude Oil from Iran by 53% approximately. China also declined its Crude Oil import from other suppliers including Russia, Kuwait, Oman, Angola, Congo, and Venezuela.

Instead, People’s Republic of China governmental authorities (import-export related) purposely improved their import of crude oil from real-time developed countries including the United Kingdom, Brazil, Malaysia, United Arab Emirates, Iraq, Colombia, and Libya.

To begin with, before the 1990s, China used to produce Crude Oil in large volume. It was also associated with several countries to export oil and gain profit in the oil market more than any oil producer. After the given period, China declined its oil production and started to focus on the production of appliances and gadgets because it was the need of the hour.

Thus, China is now seeking to limit its annual consumption. Although it has oil reserves more than any other country — it is still out looking to associate with India which is currently running the Atma Nirbhar Abhiyan or Self-reliant Movement.

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