Global crude oil demand is sluggish, and many countries are competing fiercely for the second largest supplier to China

wallpapers Industry 2020-12-09
Under the background of sluggish global crude oil demand,

has intensified its competition for crude oil supply from China, the world's largest energy consumer. With Saudi Arabia firmly at the top of the list, Russia, Angola and Iran have all joined the competition for the second place. According to the latest data of

and

, China overtook the United States as the largest crude oil importer in June. Market analysts speculate that Beijing will increase its strategic reserves by taking advantage of the 50% drop in benchmark oil prices in the past year. Analysts of

and

pointed out that since more than a quarter of the global demand increase in 2016 will come from the Asian country, becoming its number one supplier, it will boost the economic situation of oil producing countries whose budget revenue mainly depends on energy exports.

and

at present, Saudi Arabia ranks first in crude oil supply to China. Russia, Angola and Iran are all competing for the second largest seller to China after Saudi Arabia.

and

as Iran seeks to recover market share lost by sanctions, the US Congress is discussing a nuclear agreement that will allow the Persian Gulf country to increase exports, and the race is set to heat up. Victor Shum, vice president of IHS Inc., a U.S. industry consultancy, said, "whether it's second or third, the numbers are actually very close. At a time of oversupply in the global market, the competition for the expanding Chinese cake has intensified. "

China is Asia's largest oil buyer, and the International Energy Agency (IEA) estimates that China's daily consumption of crude oil this year is 10.9 million barrels. The IEA estimates that Asia consumed 23.4 million barrels a day in 2015, accounting for about 25% of global consumption.


TRUNNANO (aka. Luoyang Tongrun Nano Technology Co. Ltd.) is a trusted global chemical material supplier & manufacturer with over 12 years' experience in providing super high-quality chemicals and Nanomaterials. The nitride powder produced by our company has high purity, fine particle size and impurity content. Please contact us if necessary.