This year China’s crude imports will stand at 144 million tons, a rise of more than 10 per cent year-on-year. Exports of crude oil for this year are expected to be 5.8 million tons.

China’s total crude oil output is expected to hit 184 million tons in 2006, up only 1.8 per cent year-on-year. Demand for crude oil for refineries is to be 300 million tons, increasing 5 per cent over last year.

China has a scarce oil production per head. The russian oil output multiplies by more than two that of China. And Russia is about nine times less populated than the asian country.

China produces just 70% of the oil that US produces and if we consider the populations of both countries, then, we can see that US produces six times more oil per head than China.

US is the biggest oil importer but it could be replaced by China in the future.

US oil imports are part of the huge US trade deficit.

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