Al-Monitor - May 6, 2014
China’s increasing energy imports expose its economy to the fluctuations of the global market, according to a report by the Oxford Institute for Energy Studies. Today, China is the most energy-consuming country and the most dependent on energy imports, especially from the Middle East, while the United States is moving toward energy independence. As was the case for the United States, China’s energy policy will have an impact on global energy markets, climate change and Beijing’s foreign policy. It is worth noting that the average annual increase in demand for oil in China ranges between 4% and 5%, the overall demand in 2012 reached about 11 million barrels per day (bpd) and China’s refining capacity is approximately 10.7 million bpd.
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