Fossil fuel extraction in China – additional information
According to the graph at hand, crude oil extraction volume has remained fairly steady at around 17 to 18 million tons a month and accumulated to about 216 million tons in 2014. Together with rising crude oil imports to China and continuously dropping crude oil exports, these figures suggest an increasing domestic demand for crude oil in China.
Crude oil demand in China is mainly driven by an ever-growing demand for primary energy sources. In 2014, the PRC had ranked the world's largest primary energy consumer. Crude oil consumption in China has amounted to about 519 million tons in 2014, around 2.4 times of the domestic extraction capacity. Still, coal remains the most dominant energy source in China’s energy mix. Coal consumption in China has reached roughly 1.96 billion tons of oil equivalent in 2014. Together, coal and oil make up the lion’s share in China’s primary energy consumption, reaching a combined share of roughly 84 percent in 2014.
One main factor influencing the consumption of oil and oil products is the vehicle industry in China. With about 21.5 million sold cars in 2014, automobile sales in China stimulated the monthly gasoline production in China. Leading Chinese oil, gas and petrochemical companies in 2014 were Sinopec and Petrochina with annual revenues of 2,826 and 2,283 billion yuan, respectively.