Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from the COVID-19 pandemic. The world’s second-largest economy hunger for energy keeps growing despite the global COVID-19 pandemic and a resultant sharp decline in global economic activity during 2020. Data from China’s General Administration of Customs show oil imports for January to November 2020 grew by 9.1% year over year to an average of 13.5 million barrels daily. The top five suppliers of crude oil to China during the period were Saudi Arabia, Russia, Iraq, Brazil, and Angola. Despite weaker global energy demand, primarily because of the COVID-19 pandemic and related lockdowns, China’s demand for energy is expected to continue soaring during 2021. Even recent oil discoveries, estimated to hold 1.5 billion barrels of crude oil and growing domestic oil […]