A decade of trade data reflects concentrated supply from a few exporters and surging Chinese demand. China alone accounts for a fifth of global crude oil imports while supply remains concentrated in a handful of exporters.
China has become the single most important anchor of global crude oil demand. Over the past decade, it has accounted for more than a fifth of the world’s total crude oil imports, rising to a position of clear dominance since overtaking the U.S. as the leading crude oil importer in 2015.
This demand is met by a remarkably concentrated group of exporters: just five countries—Saudi Arabia, the UAE, Russia, Canada and the U.S.—supply half of the world’s crude. The result is a global oil market structurally defined by a handful of major producers on one side, and China’s vast, sustained demand on the other.
This concentration makes China a central player whose import volumes shape trade flows, energy logistics and the strategic calculations of producers worldwide.
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