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China has become the main violin in the oil market

The celestial Empire for the first time in history surpassed the United States in volume of crude oil imports. In 2017 the daily average volume of supply in China was 8.4 million barrels, while in the US 7.9 million

Source: U.S. Department of energy

Last year 56% of oil purchased came to China from countries-members of OPEC. However, their share has fallen markedly since 2012, then the cartel supplied 67% of “black gold”. While Russia and Brazil on the contrary increased its presence. During the same period, their share of imports rose from 9% to 14% and from 2% to 5%, respectively.

Last year our country exported in China with 1.2 million barrels of oil per day Saudi Arabia sold for 1 million barrels.

It is worth noting that the growth in imports outpaced the growing needs in raw materials. This is due to the replenishment of the strategic reserves. Besides more vigorous activity was conducted at the refineries.

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