China surpassed the United States in 2017 and became the largest importer of crude oil, importing more than 8 million barrels per day of crude, according to data from the US Energy Information Administration.

The administration said in a recent report on its website that China imported 8.4 million barrels per day of oil in 2017, while the United States imported about 7.9 million barrels per day of oil.

The report attributed the progress of China to the United States, in terms of Import of raw materials, among other things, the decline of crude oil production in China during 2016 and 2017, with production in 2017 about 4.8 million barrels per day, which is 2% less than its level in 2016.

A graph showing the evolution of China and US imports of crude oil since 2004

The report predicts that China's crude output will decline in 2018 and 2019. This will make room for increased oil imports.

According to the report, Russia advanced Saudi Arabia's oil supplies to China last year, exporting 1.2 million barrels per day, Saudi imports of crude from Russia and Brazil rose last year, at the expense of imports from the Organization of Petroleum Exporting Countries [OPEC]. [201] In 2017, about 56% of China's imports of oil came from OPEC countries. 19659002] Source: Agencies

Fred Geerley


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