中国 , The Middle Kingdom Opens Up

30-Oct-2015: 中国 , The Middle Kingdom Opens Up – Since the early 2000’s, China developed into an important player in the international crude oil markets as it needed to import increasing volumes to feed its rapidly growing refining industry. China became a net importer of crude oil in the mid-1990s and rapidly increased its imports over the last 20 years. In September 2013, China’s net imports of petroleum and other liquids exceeded those of the United States for the first time. The United States still holds the lead over China in crude oil consumption (19.8 million b/d versus 11.1 mb/d). However, it is clear that while the U.S.’s dependence on oil imports is reducing due to higher domestic production, increasing product exports and modest demand growth, China is moving in the opposite direction. There are several developments that will keep China in the tanker spotlight. Download Here