Crude Oil Production and Consumption, China, 1980-2016

Crude Oil Production and Consumption China 1980 2016 in 1000 of barrels per day

Source: BP Statistical Review of World Energy. Note: in 1,000 of barrels per day.

Up to the mid 1990s China was producing more oil than it was consuming, which permitted a level of energy self sufficiency. However, strong economic growth related to an export-oriented economy substantially increased demand. Additionally in the mid 2000s a rapid diffusion of the automobile further boosted oil demand, with China becoming the world’s leading car manufacturer. By 2008 demand was about twice as much as production. The growing negative gap between production and consumption involves China importing oil from international markets, which is placing pressures on oil prices as China becomes a major importer.