According to the latest IEA estimates, China has consumed around 5.46 million barrels a day in 2003. In comparison, Japan's consumption was around 5.43million barrels per day. The US clocked in at a staggering 20 million barrels per day last year.
China's increased demand for crude has been attributed to its ever-expanding economy (with full year growth of around 9.1%) and the need to fuel its industrial revolution. The oil is needed to fuel electricity generation and to satisfy the needs of the dramatic increase in the number of vehicles on China's roads.
According to figures released by China's Custom Department, oil imports to country was around 91 million tonnes of crude … an increase of 31% from 2002's figures. The Chinese government expects the country will need to import around 10 million barrels per day by 20230 to meet domestic demand.
