In the first quarter of 2017, increased purchases and reserves of refiners coupled with rising domestic demand led China to surpass the United States in crude oil imports.
Total crude oil imports into China in the first quarter of 2017 rose 15 percent to 105 million tons, or 8.5 million barrels a day, higher than the 8.15 million barrels a day the United States.
According to experts, although the surpass was only temporary, the increase in the number of transport vehicles and refineries as well as the decision to expand the oil reserves made it possible for China to overtake the United States. To become the largest crude oil importer in the world.
China's quarterly average crude oil import surpasses the US (million barrels)
China's crude oil imports in March (million barrels)
Meanwhile, China's crude oil production in the first two months of this year has fallen 8% over the same period last year after a record drop in 2016 due to a series of high-cost mines. close the door.According to SCI International, China has decided to increase its imports of crude oil to offset the shortage of supplies, and this measure can exempt oil prices of no more than 60 dollars a barrel.World Brent crude oil prices are now at the lowest level in 10 years, rising above $ 50 a barrel after the Organization of Petroleum Exporting Countries (OPEC) and other 11 nations agreed to cut output.In addition, political turmoil in Syria has led many speculators to the oil market.