[Sinclarsorus]

yeah I saw China signed a 65 Billion Petro-Dollar deal recently with Saudi Arabia which produces 10 percent of the worlds oil production or supply at least. But basically consumption growth out does discovery of new oil fields and offshore rigs at present. This could accelerate the already declining supply if you believe the Peak Oil theory is true. And if it is, consumption is out of control right now with many countries coming on line to 1st world standards.

Either Peak Oil is just a device to keep oil prices high or most countries are looking the other way as all the remaining supply is wasted away in reclus fashion. My theory is they all know Peak Oil is true and everybody is just drinking up oil like its the last party in town. In fact we are already 50 years into the Peak Oil model and only sustained by new oil delivery technology like costly fracking, sand and shale oil production operations.

Dunno, when is the end game

[Subjectivist]

As of 2019 China now imports 22% of the world oil supply compared to 12% for the USA.

Crude Oil Imports by Country

Global purchases of imported crude oil totaled US$1.056 trillion in 2019 reflecting strong demand from 117 countries, territories or islands.

Overall, the dollar cost of crude oil imports for all importing countries grew by 25.5% since 2015 when crude oil purchases were valued at $841.6 billion. Year over year, imported crude oil fell by -12.1% from $1.201 trillion for 2018.

Comparing metrics by continent, Asian countries bought the highest dollar worth of imported crude oil during 2019 with purchases costing $572.5 billion or 54.2% of the global total. In second place were European nations at 28.2% while 13.9% of worldwide crude oil imports were delivered to North America. Smaller percentages went to Latin America (1.5%) excluding Mexico but including the Caribbean, Africa (1.1%) then Oceania (also 1.1%) led by Australia and New Zealand.

Below are the 15 countries that imported the highest dollar value worth of crude oil during 2019.

China: US$238.7 billion (22.6% of overall imported crude oil)
United States: $132.4 billion (12.5%)
India: $102.3 billion (9.7%)
Japan: $73.1 billion (6.9%)
South Korea: $70.2 billion (6.6%)
Netherlands: $46.4 billion (4.4%)
Germany: $40.7 billion (3.9%)
Spain: $30.5 billion (2.9%)
Italy: $29.6 billion (2.8%)
United Kingdom: $24.5 billion (2.3%)
France: $24.4 billion (2.3%)
Singapore: $24.2 billion (2.3%)
Thailand: $22.3 billion (2.1%)
Taiwan: $21.3 billion (2%)
Belgium: $18.8 billion (1.8%)

Based on total cost, the listed 15 countries purchased 85.2% of all crude oil imported in 2019.
Among the above countries, the fastest-growing markets for crude oil since 2015 were: China (up 77.7%), India (up 41.4%), United Kingdom (up 33.2%) and Singapore (up 33.1%).

Only the United States experienced a reduction in what was paid for imported oil via a -0.2% drop over the 5-year period.

http://www.worldstopexports.com/crude-o ... y-country/