Is China driving the global oil markets?

ICIS takes a closer look at China’s oil demand and how the country’s position as a leading crude buyer has helped mop up the global oil supply glut. While OECD countries have been struggling to reduce their crude inventories, China has steadily increased its own stocks in a bid to secure its own supply.

Structural reforms in the Chinese oil industry, along with increased competition in the downstream segment, have also whetted the country’s appetite for oil. Independent refiners – or teapots – have become one of the most sought-after markets for international crude sellers, and their allocated import quotas are actively tracked by the global trading community.

In the meantime, China’s gradual shift towards a more consumer-driven economy, combined with the fast-paced development of domestic refining capacity, have prompted a surge in refined products exports, with a potential for sustained oil demand going forward.

In this paper, ICIS assesses the impact of China’s oil consumption growth on the international oil markets, taking stock of the gradual liberalisation of its refining sector and analysing how the country’s domestic oil industry’s developments have tied into the global oil demand and supply balance.

All fields are required

Hello ! (Not you?)

We want to keep you up-to-date with what’s happening at ICIS* and tell you about our latest products and other services. We may email you about information we think you’ll be interested in, including selected articles and reminders about forthcoming events. If you do not wish to receive such information please tick the box to opt out of these emails

*ICIS is a trade name of Reed Business Information Limited. By registering your details, you understand that your personal data will be handled according to our Privacy Policy.