Abstract

In terms of world oil consumption, China is second only to the United States and is No. 3 in petroleum imports, following the United States and Japan. Its demand has more than doubled in the past decade. China consumes approximately 7 million barrels per day (b/d), one-third the U.S. level, and it imports 3.3 million b/d, one-quarter of the U.S. level. The International Energy Agency projects China's demand in 2011 will be 9.1 million b/d with imports of about 5.3 million b/d.

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