China’s reliance on imported crude for domestic consumption has risen steadily to 72 per cent of total consumption last year. Photo: Bloomberg China’s reliance on imported crude for domestic consumption has risen steadily to 72 per cent of total consumption last year. Photo: Bloomberg
China’s reliance on imported crude for domestic consumption has risen steadily to 72 per cent of total consumption last year. Photo: Bloomberg

Why is an oil price plunge not being celebrated by China, the world’s biggest crude buyer?

  • China relies on imports for over 70 per cent of its domestic oil consumption, but lower prices represent a big challenge for its own oil production and investments
  • Low prices also do not directly translate into cheaper petrol and fuel bills for consumers due to Beijing’s strict control of domestic energy prices

Topic |   China economy
China’s reliance on imported crude for domestic consumption has risen steadily to 72 per cent of total consumption last year. Photo: Bloomberg China’s reliance on imported crude for domestic consumption has risen steadily to 72 per cent of total consumption last year. Photo: Bloomberg
China’s reliance on imported crude for domestic consumption has risen steadily to 72 per cent of total consumption last year. Photo: Bloomberg
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