Crude oil current supply and demand in China
As an emerging economy, China has maintained a relatively high growth of crude oil consumption due to the rapid economic development, with an average year-on-year growth rate of 6.3% in the past 30 years, far higher than the overall average of 1.04% in the world. Therefore, as a major consumer of crude oil, China's crude oil import policy, domestic refining and final consumption will be transmitted from the demand side to the international crude oil market.
China's crude oil demand is highly dependent on imports
Although the total demand of the United States exceeds that of China, since the outbreak of the shale oil revolution, the United States has basically achieved a balance between supply and demand of crude oil, and only needs to import a small amount of special oil to meet the demand of refineries, but China and Europe need to rely on a large number of imports of crude oil. Among them, China's crude oil imports ranked first in the world, accounting for 24.1% of the total global imports.
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