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Not OPEC, China Dictates The Oil Prices China is the largest crude oil importer in the world and it is expected to account for one of the largest sources of demand growth this year - the IEA
Refinery throughput in China went up by 4 percent last month, to a total 52.6 million tons, or about 12.44 million bpd, Reuters reports, citing data from the National Bureau of Statistics.
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China's Oil Refinery Throughput Rises 8.2% YoY In May. Over the first five months of 2018, refinery throughput stood at an average 12.2 million bpd, or a total 1.83 billion barrels for the five-month period. So far this year, China—along with India—has since the start of the year accounted for 69 percent of the forecast growth in crude oil demand, Reuters' Clyde Russell noted in a recent column.
China surpassed the U.S. in 2017 to become the largest importer of oil in the world. Despite the focus on EVs and other technologies, most cars are still powered by petroleum products.
Chinese crude oil imports in July dropped to their lowest level in seven months, although they rose 12 percent on an annual basis, according to calculations made by Reuters on the basis of China
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In essence, China is pumping in massive investments into the oil domain in the form of exploration and licence deals. In fact, that is a good thing as underinvestment could increase the oil prices in the long run. But then Crude oil consumption is rising in China too. The IEA revised the oil demand forecast for China up by almost 100,000
China plagued by oil refining overcapacity. PetroChina's average run rates are now 80 per cent, down from more typical levels of 90 per cent. Its new Kunming refinery will supply the underserved market of south-west China, displacing product from its Guangxi and Guangdong refineries into international markets.
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