China's Oil Rush in Africa
INSTITUTE FOR THE ANALYSIS OF GLOBAL SECURITY WASHINGTON DC
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Over the past four years China, the worlds second largest oil consumer behind the United States, has been the source of close to 40 percent of the total world oil demand growth over the past four years. With economic growth running at a rate of roughly nine percent per year China is no longer able to meet its own consumption requirements through its domestic production of oil and it is now being forced to search for oil elsewhere. Africa has become a key oil exporter to China. In 2005 China imported nearly 701,000 bpd of oil from Africa, approximately 30 percent of its total oil imports. China anticipates increasing that amount to 25 percent in the next ten years and has been carefully paving the way to ensure its objective is met.
- Economics and Cost Analysis
- Lubricants and Hydraulic Fluids