You are here: Home > About Us > Oil Trading Industry in China
OIL TRADING INDUSTRY IN CHINA
China is the world's most populous country and has a rapidly growing economy. In 2023, China became the world's largest crude oil importer and consumed 16.22 million barrels per day. Some analysts forecasted that China's oil consumption will continue growing through 2023 to 16.88 million barrels per day.
In addition, oil trading in China is characterized by high entry barriers for several reasons, including 1) high capital requirements; 2) difficulty in forging relationships with major PRC oil suppliers and customers; and 3) difficulty in negotiating and managing profitable oil products contracts on a recurring basis.