Re: I can't believe China is so obsessed with the automobile
Posted: Sun 02 Nov 2014, 16:27:12
As Donlan points out there's more then enough exported oil to meet any increase in Chinese consumption. According to the EIA about 43 million bopd are exported. China produces about 4 million bopd and consumes around 10 million bopd. So they are currently importing only about 14% of the oil in the market place. Just 10 years ago China was importing less than 5% of global oil exports. If (and granted it's a big IF) China picks up another 9% increase in the next 10 years they'll import an additional 4 million bopd. Might be less... might be more. All depends on the ability of the other oil importers to compete with China.
Again what's important for any oil importer isn't global PO but how much of the available oil exports they can acquire.
Again what's important for any oil importer isn't global PO but how much of the available oil exports they can acquire.