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

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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