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 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 2021, it reported an annual production volume of some 888 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, Jan 3, 2024

Key insights

China's monthly crude oil production
18.4m mt
China's oil refining capacity
17.26m bbl/d
China's oil and petroleum refining market size
767.9bn USD
Get more insights

Editor’s Picks Current statistics on this topic

Oil consumption in China from 1998 to 2022 (in 1,000 barrels per day)

Crude Oil

Oil consumption in China 1998-2022

Crude oil refinery capacity in China from 1970 to 2022 (in 1,000 barrels per day)

Crude Oil

Oil refinery capacity in China 1970-2022

Crude oil production of PetroChina from 2010 to 2022 (in million barrels)

Crude Oil

PetroChina's crude oil production 2010-2022

Recommended statistics

Overview

5

Overview

Production

7

Production

Trade & consumption

4

Trade & consumption

Companies

8

Companies

Industry

6

Industry

Further reportsGet the best reports to understand your industry

Oil industry worldwide
Oil industry worldwide
Natural resources in China
Natural resources in China
Electricity in China
Electricity in China
Key economic indicators of China
Key economic indicators of China
China's energy transition: on the road to 2060
China's energy transition: on the road to 2060
Renewable energy in China
Renewable energy in China
Climate change and emissions in China
Climate change and emissions in China
Oil refinery industry worldwide
Oil refinery industry worldwide
Coronavirus: economic impact in China
Coronavirus: economic impact in China
Oil rigs worldwide
Oil rigs worldwide
Nuclear energy in China
Nuclear energy in China
Chemical industry in China
Chemical industry in China
Plastics industry in China
Plastics industry in China
China's mining industry
China's mining industry

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)
Email
latam@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu