China Became the Biggest Crude Importer in 2017

CNPC Economics & Technology Research Institute published Annual Report on China’s Petroleum Industry Development (2018) in February 1, 2018. According to the report, China became the biggest crude oil importer in the world in 2017. China’s import volume of crude oil was 8.43 million barrels/day, up 10% year-on-year. The import dependence degree of crude oil in China reached around 70% in 2017. Russia was the biggest origin of China’s imported crude oil for ten months from March 2017.