China Oil

China produces 31% of the oil they consume.

China consumes about 12 million barrels per day.

http://www.chinadaily.com.cn/a/201808/14/WS5b7241eba310add14f385a2c.html

China produced 3.690 million BBL per day in 2018.

https://tradingeconomics.com/china/crude-oil-production

China imported 9.06 million BPD in 2018.

https://www.reuters.com/article/us-china-economy-trade-crude/china-october-crude-imports-rise-to-all-time-high-on-record-teapot-buying-idUSKCN1ND0EB

China’s oil producing provinces include Xinjiang, Shandong, Shaanxi, Tianjin and Heilongjiang

http://www.chinaoiltrader.com/?p=202

China’s Top Providers of Imported Crude Oil
China’s top 10 crude petroleum providers supply about four-fifths (79.2%) of its imported crude oil.

Below are the top 15 countries that supplied 89.2% of the crude oil imported into China during 2017:

1.    Russia: US$23.7 billion (14.6% of China’s total crude oil imports)

2.    Saudi Arabia: $20.5 billion (12.6%)

3.    Angola: $19.8 billion (12.2%)

4.    Iraq: $13.8 billion (8.5%)

5.    Oman: $12.2 billion (7.5%)

6.    Iran: $11.9 billion (7.3%)

7.    Brazil: $8.8 billion (5.4%)

8.    Kuwait: $7.1 billion (4.4%)

9.    Venezuela: $6.6 billion (4%)

10. United Arab Emirates: $4.1 billion (2.5%)

11. United Kingdom: $3.6 billion (2.2%)

12. Congo: $3.44 billion (2.1%)

13. Colombia: $3.37 billion (2.1%)

14. United States: $3.2 billion (2%)

15. Malaysia: $2.6 billion (1.6%)

Together, five of China’s leading crude petroleum suppliers (Russia, Saudi Arabia, Angola, Iraq plus Oman) represent over half (55.5%) of overall Chinese crude oil imports for 2017.

http://www.worldstopexports.com/top-15-crude-oil-suppliers-to-china/

China is benefitting from current temporarily low oil prices in the $40 to $50 per barrel range due to over-supply.

Norb Leahy, Dunwoody GA Tea Party Leader