China is the world’s second largest consumer of crude oil with oil consumption growing 4% in 2013. However, the country is able to cater to only 42% of this demand with China expected to become the largest net importer of crude oil in 2014.
Emerging economy needs to fuel its growth
The world’s fastest growing economy consumed about 10.7 million barrels per day (bblpd) of oil in 2013 according to the US Energy Information Administration (EIA). The country grew at an uncontrollable pace over the past two decades, doubling its crude oil demand over the past decade alone. Recent years have seen some cooling in the growth experienced by China, with a modest 4% YoY growth in demand in 2013.
China was...

