China's crude oil imports
China’s emergence as one of the world’s major powerhouses has fueled the country’s thirst for energy and turned it into one of the world’s largest crude oil net importers. The large increase in China’s oil imports has been heavily driven by economic growth and consumption rates that are rising above production rates. Its role as a top net oil importer is expected to be sustained in the near future. China is one of the largest petroleum consumers in the world, behind the United States. China has surpassed the United States as the world's largest net importer of petroleum. Lower production rates from countries like Libya and Sudan encouraged China to replace these imports with crude oil from countries like Oman, Russia, and Venezuela. China, itself, extracted 16.58 million tons of crude oil in March 2017.
As of 2015, China produced 4.31 million barrels of oil a day domestically, while consuming approximately 11.97 million barrels daily. Approximately 2.5 billion metric tons of oil reserves in the country were known and economically viable as of 2015.
As an alternative to fossil fuels, China is heavily investing in renewable energy sources, and became the largest renewable energy investment market in the past years, when the largest funding volumes were devoted to projects within the wind and solar energy industries.