Oil industry in China - statistics & facts

Crude oil and its derivatives are essential materials for any burgeoning society. Following China’s fierce investments in domestic manufacturing industries and the ensuing rise in economic prosperity, oil consumption has increased significantly over the last three decades. Today, China has the second-largest oil refinery throughput worldwide and is on track to succeed the United States within the next few years.

Domestic production and imports

Being home to some 1.4 billion people and with over 300 million passenger cars on the road, China’s oil reserves are not sufficient enough to cover the country’s total petroleum products demand. As a result, China imports ever-growing amounts of crude oil for further processing in its refineries and exports only smaller amounts. Its largest oil trade partners are Russia and countries in the Middle East led by Saudi Arabia. Although the majority of Chinese refineries are located domestically, there is also a sizable number of establishments spread throughout other parts of Asia. Due to its convenient location along the sea trading route, Singapore has become an important refinery hub housing oil processing sites of numerous international supermajors including Chinese producers. Hence, Singapore refining margins for benchmarks such as Arab Light (originating in Saudi Arabia) are a reflection not only of the global oil market but the Chinese market in particular.

Industry key figures and largest companies

PetroChina, which owns one of the largest refining facilities in Singapore, is China’s leading crude oil producer. In 2023, it reported an annual production volume of some 937 million barrels. The Beijing-based company was established in 1999 and has since grown to become one of the most profitable oil and gas companies in the world next to fellow Chinese-owned enterprise China Petroleum & Chemical Corporation (Sinopec). State-owned entities are the largest oil and gas companies in China. Although privately-owned independent businesses do operate in the country, they only account for around one-fifth of refinery capacity. Over 700,000 people are employed in the oil and petroleum refining industry in China, while overall oil and gas industry employment was the highest in the world.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by C. Textor, Jul 12, 2024

Key insights

Crude oil production in China
209m mt annually
Oil refining capacity
18.48m bbl/d
Oil and petroleum refining market size
853bn USD
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Oil consumption in China from 1990 to 2023 (in 1,000 barrels per day)

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Oil consumption in China 1990-2023

Crude oil refinery capacity in China from 1970 to 2023 (in 1,000 barrels per day)

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Oil refinery capacity in China 1970-2023

Crude oil production of PetroChina from 2010 to 2023 (in million barrels)

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PetroChina's crude oil production 2010-2023

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