In 2023, China’s oil import strategy has evolved in response to its soaring energy demands. With an impressive intake of around 11.3 million barrels daily, up 10% from last year, China is enhancing its energy security and asserting itself as a major force in global refining. The nation’s refineries are running at full tilt to meet domestic needs for fuel and petrochemical production, emphasizing China’s dependency on a reliable oil influx.Adjusting to the new geopolitical scenery, especially the fallout from the Ukraine crisis, China is now importing approximately 19% of its oil from Russia – about 2.1 million barrels per day. This move underlines China’s skillful adaptation to the changing oil market dynamics, as it capitalizes on discounted Russian crude that faces sanctions and price caps elsewhere. These strategic imports illustrate China’s agility in turning global challenges into economic leverage, assuring continuous energy availability for its burgeoning economy.
