China's Catastrophic Oil & Gas Problem (2023)


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This is the south china sea, the single most important and dangerous body of water anywhere in the world for the 21st century and the most likely place where the third world war could be triggered from seven different powers exist around this sea's perimeter: china, taiwan, vietnam, the Philippines, malaysia, indonesia and brunei - and they all bitterly disagree over their competing maritime claims here.

Vietnam claims this much.

The philippines claims this much.

Malaysia claims this much while brunei claims this much all four of these nations maritime claims in the south.

China sea overlap the other three in at least one other location, and so they all have to an extent disagreements with all the others.

But all four of them are significantly more united against the much more dramatic and sweeping maritime claims of the fifth power to enter into the equation here.

The people's republic of china, who claims for itself nearly the entirety of the whole sea at the tremendous expense of everybody else's claims around it in what they call the nine-dash line.

Through this claim, china asserts that around 90 of the entire south china sea are the exclusive territorial waters of china, which not only brings it into direct conflict with the overlapping claims of vietnam, the philippines, malaysia and brunei, but with the united states as well.

Beijing's claim to most of the sea as territorial waters means that they also believe they have the authority to approve or deny any foreign navy from operating within it whenever they feel like it to which the united states, owner of the world's most powerful navy fiercely disagrees.

Washington considers the boundaries here to instead line up roughly with the 1982 united nations convention on the law of the sea.

The international law benchmark generally accepted by most other countries in the world that would ordinarily establish the maritime boundaries in the south china sea.

To look more like this, with 12 mile territorial water stretching out from everybody's coastlines and 200 nautical mile exclusive economic zones stretching beyond that through the open ocean that anyone's navy can sail through, without any permission at any time, these different maps over the same area.

One believed by beijing, others believed by vietnam, the philippines, malaysia and brunei, and another believed by washington are all directly at odds with each other and are shoving both of the superpowers into an increasingly dangerous conflict in order to further enforce their claims.

The chinese have begun rapidly constructing entirely new islands within the sea covered by naval and air bases bristling with the latest firepower, while the united states has continued their own naval and air patrols.

Despite all of the chinese warnings and while on the surface, it may appear that china's territorial claims here in this sea are overly ambitious, ridiculous or even reckless.

Their claim is, in fact rooted in beijing's own fear of the single greatest geopolitical weakness that plagues all of the strategic thinking of the modern chinese state, a weakness that is so enormous.

It could potentially end up destroying the entire country if it ever becomes properly exploited and yet so small that it only stretches one and a half miles wide.

It is essentially china's equivalent to the death star's exhaust port, and it is located right here.

The strait of malacca the strategic gate between the pacific and indian oceans between the malay peninsula in the north and the indonesian island of sumatra in the south.

This natural choke point is geographically the shortest possible path for container and cargo vessels traveling by sea to take, while traveling between europe, the middle east and africa on one side and east asia over on the other.

As a result, around three and a half trillion dollars worth of global trade passes through these gates and across the sea lanes of the south china sea every single year, including an overwhelming two-thirds of china's entire maritime trade volume 40 of nearby japan's entire maritime trade and Nearly one-third of the total volume of all worldwide trade, but perhaps most critically, for you to understand, is that these flows of trade usually also include around 15 million barrels of oil a day and around one third of all, the world's traded, liquefied natural gas or lng.

China and japan, the world's second and third largest global economies respectively.

Each rely on this single strait for a whopping, eighty percent of all their imports of oil, primarily coming in from iran and the arab states around the oil-rich persian gulf imports that are especially critical for china, as imported oil from abroad makes up 75 of china's entire Oil consumption, which ultimately means that roughly 60 of china's entire supply of oil passes through just these one and a half miles.

But china is heavily reliant on this choke point, not only because of the energy resources they import through it, but because of the massive volumes of manufactured goods that they also export through it as well to europe.

Exports that largely prop up the very foundation of the modern chinese economy.

These realities lead to a rather obvious problem.

If the strait of malacca at only one and a half miles wide at the narrowest point were to somehow become obstructed or blocked for a significant amount of time, china's entire economy and society would essentially collapse if given a long enough time.

This is because there simply aren't really any good enough geographic alternatives for china's energy imports and manufactured exports to travel through any other possible.

Maritime trade routes getting to and from the chinese east coast would have to re-route around sumatra and either pass through any of the number of other easily blockadable chokepoints through the thousands of islands in the indonesian archipelago or pass along the long open ocean route around the Southern side of australia.

This is why, back in 2003, just months after the united states invaded the very oil rich nation of iraq, the chinese president of the time, hu jintao, warned what he called china's melaka dilemma: the risk of what he referred to as certain hostile foreign powers, like the United states, india, australia or others could blockade malacca and easily sever china's critical lifelines of energy and strangle beijing, and thus china's domination over the south china sea, pushing china's influence directly to the strait of malacca itself became of imperative importance to beijing's own national security.

But fascinatingly, it didn't always used to be like this, because china's current crippling dependence on importing energy from abroad and relying so heavily on the strait of malacca is a fairly recent development.


After all, china is actually, in fact one of the world's largest producers of oil.

Domestically, they are the sixth largest oil producer in the world today and roughly equivalent to iraq, with many very large reserves, scattered across their northwest, northeast and immediately offshore back in the 1970s and 80s china used these big reserves to not only be completely oil self-sufficient, but To actually even become an oil exporting nation primarily to the japanese, who have basically zero domestic oil reserves of their own and have always been a massive oil importer for their entire modern history as a result.

But back at this time, the chinese economy was absurdly tiny compared to what it is today, accounting for only 1.6 of the entire global economy.

As recently as just 1987.

but beginning in the mid-1980s.

China's economy began to experience the era of incredibly explosive and rapid growth, and, with that growth came an ever increasingly hungry economy for more and more energy to continue sustaining and growing it, and by 1993.

China crossed a historic turning point that it would never cross back from right up until the present day, their domestic oil production, while large, was not large enough to keep up with their economy's growing demand and they had to start importing oil from abroad.

For the first time in modern history, as china's economy continued to keep seeing meteoric growth year after year and the hunger for energy continued increasing, alongside of it, china suddenly became the world's largest consumer of energy by 2009.

The second largest importer of petroleum behind the united states in 2011 and then even surpassed the us to become the new number one largest importer of petroleum by 2016 and then overtook japan to become the world's largest importer of lng just last year in 2021.

Now, these days, despite having the world's sixth largest amount of oil reserves, domestic oil production only meets the demand for 20 of china's 1.4 billion person economy, and that means that china imports around 80 percent of all of its oil.

The vast majority of its natural gas and consumes about 25 of all the energy used by humanity.

But, unlike the countries who make up the west, china's mixture of energy use is rather different, because the vast majority of china's energy consumption continues to be overwhelmingly based on coal and for very logical reasons, from china's own national security perspective because comparatively to oil or gas, China actually possesses enormous amounts of coal, roughly 13 of all the coal in the world.

In fact, coal is therefore, in general, a reliable and stable source of energy that china can tap into directly without the need for relying on geopolitically complicated imports, and so coal represents around 60 percent of all the energy that china currently consumes.

Oil ranks second at just 20 percent natural gas in a distant third at just six percent, while alternatives like nuclear and renewables make up the remaining combined fourteen percent.

This essentially means that, with eighty percent of oil imported in nearly all natural gas imported, china must rely on imports to meet more than one-fifth of their entire energy consumption, and most of all of that comes from just a single place.

The persian gulf, the planet's largest concentration of hydrocarbon resources, like oil and gas ever discovered a quarter of the world's oil and 35 of the world's natural gas reserves, exist around its shores, separated from the chinese east coast, not by one but two major geopolitical choke points.

The strait of hormuz that separates the gulf from the indian ocean and the strait of malacca that separates the indian ocean from the pacific ocean.

Eighty percent of china's imported hydrocarbon supplies come from here and pass through both of these choke points, either of which could theoretically be strangled by the american navy during a time of war, which is an important factor for chinese military strategists.

To consider when contemplating beijing's long-time ultimate foreign policy objective the subjugation of taiwan beneath beijing's direct rule, the long-standing policy coming from beijing is that taiwan is not an independent country, but merely a rebellious province of china.

Taiwan, of course, for all intents and purposes, truly, is a de facto independent country in nearly every conceivable way, except for name and that's, because beijing has been incredibly explicit for years now that if taiwan were to ever formally make a move towards an outright declaration of Independence separating itself from china, beijing would unconditionally utilize military force and even go to war to prevent it from happening.

Beijing knows that if the time ever comes when diplomacy has failed and they mobilize for war and an invasion of taiwan across the taiwan strait, it would likely also mean going to war against taiwan's greatest defender and supporter the united states.

In that event, the american navy would be almost certain to at least attempt a blockade of the malacca strait in order to starve china's military and society out of their critical supplies of fuel militaries run on oil and, under this scenario, with 80 percent of china's oil Imports suddenly blockaded the clock would begin to tick for beijing.

China controls one of the largest strategic reserves of petroleum on the planet, but even that has only enough when at full capacity to based on estimates last their entire normal consumption rate for only around 90 days.

If they haven't achieved their objectives in taiwan and the americans are still keeping up the blockade of malacca after those 90 days or so are up, then the chinese will begin being forced to dramatically ration their fuel supplies and massively divert civilian resources over to the war Effort this ultimately means that on day, one of a blockade of malacca situation, beijing gets left with really only two options give in to the american demands for peace immediately and withdraw from their invasion in exchange for opening back up their supply lines or dramatically expand the Scope of the war and attack the american navy directly in an attempt to break the blockade or even almost unthinkably attack the american navy first before the invasion of taiwan even begins in order to deliver a crippling blow before they could enact the blockade.

This 21st century situation rhymes eerily with that of the united states in japan in the previous century in august of 1941 america, who, at the time, supplied some 80 of the oil to the japanese empire, slapped an embargo on their supply, leaving the japanese, with almost the Exact same two choices that could be left to china this century and against all the conventional wisdom of the time within the west.

Japan ultimately chose the latter and seemingly more insane option by dramatically expanding the scope of the war and attacking the american navy in a preemptive strike at pearl harbor and the result was a brutal four-year-long total war across the pacific that ended in two nuclear strikes.

Today, it's a chilling thought to consider how a similar and logical series of events could end up playing out again in the pacific and in the 21st century.

The united states is far from alone in their opposition to beijing.

There is also the quadrilateral security dialogue or the quad for short, the sort of security alliance between the united states, japan, india and australia that beijing derides as the asian version of nato, and then there is also the aucus.

The trilateral security pact between australia, the united kingdom and the united states for mutual defense policy in the indo-pacific that is helping australia acquire crucially important.

Nuclear-Powered submarines were china to attack taiwan or the american navy and enter into war with the united states.

It would also most likely mean a greater conflict with the other quad and occus members of japan, india, australia and the united kingdom as well, who all share a mutual interest in containing beijing and who all combined have a significantly more powerful and capable group of navies.

That could likely overwhelm china's in the indo-pacific and undermine all of china's objectives.

Therefore, being well aware of this enormous problem now, for decades, the chinese have been taking tremendous steps to make sure that they can overcome it by any and all means necessary.

The first and most obvious way has been to dramatically expand the power budget and capabilities of the chinese navy in order to more directly compete at sea with the fleets of the quad and occus allies within the past 20 years.

The chinese military budget has exploded by more than six fold using the latest comparative numbers.

The chinese military budget is now at around 240 billion dollars a year more than what the soviet union spent on their military at the height of the cold war.

In the late 1980s, even when adjusted for inflation today, while the united states spends more than three times them at around 850 billion dollars a year or around 70 percent of what they were spending back during the cold war, when adjusted for inflation, worldwide, china and the United states alone represent roughly half of all global military spending, and china is continuously narrowing this gap by the end of this year, the chinese navy is expected to possess four aircraft carriers and they plan to have five by next year compared to america's 20.

This naval arms race between the reigning, great power, the united states and the rising one china contains another eerily haunting historical rhyme, the naval arms race of the early 20th century for battleships between the reigning, great power, britain and the rising one, germany, germany's economy.

Finally, overtook britons in 1910 after decades of continuously rising and catching up, and then four years later saw the outbreak of the first world war between them.

At the same time, the chinese possessed the advantage of geographic proximity to the most major theaters of any future potential conflict.

America's most significant indo-pacific bases are far away from malacca and the south china sea at diego garcia, guam, okinawa, pearl harbor and the united states west coast, whereas china has been investing aggressively into numerous naval and air bases built out of nothing across the tiny coral atolls.

Within the south, china sea itself, giving their ships and planes proximity to both the malacca and taiwan straits going back to the beginning of this video again, this is why china seems so aggressive in enforcing their ambitious territorial claims to the south china sea by building up All of these island bases to safeguard their access to the malacca straight and to ensure that their own critical import and export sea lanes remain open even during a major international crisis.

If that means inflaming relations with vietnam, the philippines, malaysia and brunei, then so be it from beijing's perspective.

It's a calculated price that they're willing to pay for the greater security of the state, but perhaps the biggest way that beijing is attempting to overcome their malacca dilemma is not through increased naval power but through increased methods of getting their energy into the country from abroad.

For thousands of years now, goods have traveled across the eurasian continent between china and the west, through vast expanses of mountains, deserts and steps across what is known as the silk road.

It was through this ancient trade route that chinese inventions, like paper and gunpowder, made their way westwards and now in the modern 21st century.

The chinese are attempting to revive this same idea of the ancient silk road of the past for beijing's energy transportation and export needs.

In the present - and they call it the belt and road initiative or bri, with a total potential investment of around 1.4 trillion dollars an amount of investment that is more than seven times larger, even when adjusted for inflation than america's investment into europe.

Through the marshall plan.

At the end of the second world war, by constructing pipelines that transport energy from other countries into china and railroads and highways that transport manufactured exports out from china to other countries, all traveling over land beijing can strategically work towards overcoming their dependency on the malacca strait And the risk posed to it by the american navy, central asia immediately to the west of china is an area of critical importance to the chinese today, because they have some of the most enormous reserves of natural gas and oil ever discovered around the basin of the Caspian sea, the first ever oil pipeline over land that flowed into china was built here only in 2009., from kazakhstan's oil-rich shore on the caspian running through china's westernmost shinshong province.

It is capable of supplying 10 million tons of oil a year to china now, and it was only the first.

In the very same year, a natural gas pipeline was constructed beginning in the massive gas fields of turkmenistan, the sixth largest in the world, and nearly double all of the gas reserves of china and leading directly to china through xinjiang as well.

Today, this pipeline enables gas from turkmenistan to be shipped 7, 000 kilometers away over land to power homes and factories in shanghai, an entire half of all the gas that turkmenistan exports abroad now flows through this single pipeline towards china.

But these energy projects in central asia have become slightly problematic with russia.

The nation who has long considered central asia to be within their own sphere of influence.

More and more of central asia's abundant reserves of energy are flowing through chinese majority-owned pipelines towards china and less is flowing through russian-owned pipelines towards moscow's traditional market in europe.

But russia is having to accept the increasing chinese influence in central asia, because china is also rapidly becoming the new largest market for russia's own massive supplies of energy as well.

Russia, with by far the largest reserves of natural gas in the world and the second largest producer of oil in the world, is one of the world's energy superpowers and is located directly next door to china, the world's largest consumer of basically, all forms of energy.

A relationship between moscow selling energy and beijing buying it was almost always going to be inevitable, simply based on both nations, geography and geology and sure enough.

It's been really starting to kick off.

Just three years ago, in 2019 the russians completed their first natural gas pipeline into china.

The power of siberia, which links their large chaiyanda field directly to manchuria, and many more are being built as we speak.

A power of siberia, 2 pipeline has already been proposed.

That would pass through xinjiang and connect china with the same massive gas fields in the euros region that currently supplies natural gas to europe and would double russian gas exports to china all on its own.

A third pipeline is also currently in the works that would connect china with russia's other large gas fields.

In sakhalin.

In total, russia expects to be able to provide china with over 100 billion cubic meters of gas per year through these pipelines, which is currently about half of china's entire imports of gas.

But it's not just pipelines that the russians are building to sell gas to china either.

Both sides of this relationship are also investing heavily into liquefied natural gas or lng.

Far in the north of the eurasian continent in the yama peninsula is russia's first and largest lng plant and when fully operational will be supposedly capable of producing 16 and a half million tons of lng per year, it is considered to be the crown jewel of the Northern sea route, the other maritime component of china's ambition to rid itself of its malacca dilemma.

This is a trade route that extends from the pacific ocean through the arctic waters within the exclusive economic zone of russia and then into the north sea and the northern atlantic.

Currently, parts of this trade route are only free of ice for a couple months out of the year and the maritime traffic through it is usually pretty small, but in the future, with climate change and warming arctic temperatures studies have suggested that this entire passage may be Completely ice free as early as next decade in the 2030s and large-scale shipping across it may become economically viable by 2040.

This new geographic reality will forever alter the world of trade and specifically help to solve china's melaka dilemma.

When the northern sea route is navigable year round, it means enormous volumes of ships carrying lng from russia's yama peninsula across it to china's east coast, and it means even more enormous volumes of cargo ships taking china's manufactured exports to europe and north america.

A route that, in both instances, will completely circumvent, malacca and dramatically expand the flexibility of china's foreign policy options and probably enable them to become significantly more aggressive towards taiwan.

This relationship based on energy is the reason why china and russia appear to be so friendly with each other and why they each announced in february mere weeks before the russian invasion of ukraine, that their friendship had no limits with the west, cutting their oil and gas Purchases from russia after the invasion, the russians are seeking new, more eager customers to sell their energy to, and the chinese desperate to continue reducing their over dependency on malacca for their own energy imports and their high rates of lng imports from quad allies like australia and The united states are all too eager of a customer, and it just so happens that both beijing and moscow are at the moment, firmly united in their opposition to the united states in the west.

And therefore beijing will never ever condemn the russian invasion of ukraine.

And if anything will even tacitly support it, they need the russians, just like the russians need the chinese, but that doesn't mean that beijing has stopped their search for even more energy imports.

Another set of pipelines completed in 2013 and 2014, beginning at the deepwater port of kiyokpu in myanmar and transports large volumes of oil and gas across that country to the chinese city of kunming and then on.

The other side of india is pakistan, one of beijing's greatest allies and supporters, which again revolves around energy and geopolitics.

Pakistan is, by far to date, the single largest recipient of china's belt and road investments amounting to a total of 62 billion dollars and including the establishment of the strategic port of gwadar located nearby to the strait of hormuz and the persian gulf.

A port that could hypothetically become a very important stopping point for the chinese navy.

The chinese have proposed the construction of yet another oil pipeline from here that would transport oil directly to kashgar in china's own xinjiang province, but this has proved to be so far a bit too logistically difficult.

The geography that this pipeline would have to pass through includes the towering himalayas with sharply steep valleys, mighty waterfalls and glaciers and the occasional earthquake to boot and freezing temperatures.

So, while the construction of a pipeline here has so far never been accomplished, they have instead had a tremendous effort constructed one of the highest paved highways in the world.

The karakoram highway.

This way at least trucks carrying fuel and exports can travel between mainland china and the chinese invested port at wadar and continued diverting some amounts of supplies around malacca.

From beijing's perspective.

In 2019, pakistan went to the international monetary fund for its 12th national bailout since just the late 1980s, which critics have pointed out, hands a ton of economic leverage to the chinese who invested heavily into the port at gwadar.

When a nation like pakistan can no longer make their debt repayments, it means that chinese entities who lent them the money could hypothetically take control of assets.

Such a thing already happened in another country nearby to india, sri lanka and, specifically, the port of hamantota, for which beijing provided over one billion dollars in loans to construct in exchange for the cancellation of that debt.

The sri lankan government granted a state-owned chinese company a 99-year, long lease to it under intense pressure from india.

The sri lankan government made the chinese promise to not use hambantota for military purposes, but 99 years is a very long time for something as simple as a promise should similar fates, befall kyoku and gwadar.

The chinese would have four ports on the indian ocean when factoring in their official military base, on the western edge of it in djibouti, all located nearby to the world's most strategic maritime choke points at mandeb between the red sea and the indian ocean.

Hormuz between the persian gulf and the indian ocean and the polk strait between india and sri lanka.

This has led to many geopolitical thinkers within india, fearing that china is beginning to effectively surround them and from beijing's perspective containing india.

A member of the quad alongside the united states, japan and australia, is of a very high strategic value in the event of a great naval war across the indo-pacific.

China's relationship with pakistan could hypothetically force india into fighting a two-front war and the ports that surround india.

Might ideally keep the indian navy, well-contained and absent from the fight over the much more important bodies of water around taiwan, the south, china, sea and malacca, but the key space on the board of eurasia for china's overall grand 21st century strategy to end their malacca dilemma? Is almost certainly their own province of xinjiang in the northwest? This single province accounts for around 20 percent of china's entire domestic reserves of energy with massive sources of oil, gas and coal littered across it that ranks xinjiang first in all of china's provinces for fossil fuel reserves.

The terran basin alone inside of the province is the largest single oil and gas bearing area in all of china, but expanding beyond these domestic reserves.

China also has a very, very specific security interest in the neighboring oil and gas rich central asia immediately to the west of xinjiang.

Xinjiang shares the only de facto border that the chinese have with pakistan, one of their staunchest allies, which enables the continuous karakoram highway towards the port of gwadar near to the strait of hormuz xinjiang, also borders, afghanistan, tajikistan and kyrgyzstan, and, as a result, many of the Most significant oil and gas pipelines coming into china from russia, kazakhstan and turkmenistan all have to traverse significant distances over xinjiang before reaching china's heavily industrialized and populated areas in the east.

China needs to control xinjiang at all costs in order to ensure that they keep these vital routes open that help them maneuver around malacca their greatest geostrategic vulnerability.

But, of course, xinjiang is also traditionally the home of the ethnic uyghurs and not the han chinese who make up the vast majority of china's overall population in order to secure xinjiang within beijing's orbit and geopolitical strategy forever.

The chinese regime has begun to carry out a genocide of unbelievable proportions against the indigenous uyghurs who live here, something that really hasn't been seen anywhere in our world since the holocaust of the 1940s.

This 21st century holocaust of the millions of uyghurs living inside of xinjiang, has been methodically carried out by the chinese regime for the past five years now since 2017, and is still on going with at least a million human beings still locked away within hundreds of concentration Camps dotted across the region.

China's ongoing genocide of the uyghurs inside of xinjiang is perhaps the darkest chapter of 21st century history so far, and it is directly related to everything that you just listened to me talk about throughout this entire video.

But unfortunately, if i made a video covering this darker side of china's geopolitical energy crisis, the disturbing violent and controversial details of discussing what is an ongoing genocide would cause the video to become demonetized and age, restricted, which i completely understand and honestly don't care about.

But it ultimately means that youtube's algorithm would never promote the video to you and there's simply no way that you'd probably ever see it here.

That's why instead, i created yet another full-length companion, video to this one in my ongoing modern conflict series.

That's about the same length as this video that covers the entire course and explanation into china's genocide of the uyghur people inside of xinjiang and uploaded it directly to nebula, which, as you've probably already heard by now, is home to tons of exclusive ad-free content.

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The reason why all of these videos are only available on nebula is because they just wouldn't ever work here on youtube and would never be able to be viewed because of the way this site works in relation to highly controversial and sensitive recent events.

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What is the outlook for China oil and gas? ›

The CNPC think tank predicted that China's gasoline output will increase by 7.6% this year to 156.4 million tonnes, diesel output will rise by 6.1% to 202.9 million tonnes and jet fuel production will surge by 18.4% to 34.9 million tonnes.

Who owns the oil in China? ›

China is home to many large oil and gas companies—most of which are state-owned. China National Petroleum Corporation is one of the largest oil companies in the world and ranks first in terms of revenue. Sinopec is China's largest oil supplier and its second-largest oil producer.

Where does China get its oil from? ›

Saudi Arabia is China's main crude oil supplier. In 2021, China imported nearly 81 million metric tons worth of crude oil from the Middle Eastern producing giant. In fact, the majority of China's oil imports originated from countries in the Middle East.

Does China have a lot of oil and gas? ›

China has one of the world's largest strategic oil reserves. Global strategic petroleum reserves (GSPR) refer to stockpiles of crude oil held by countries (and private industry) for national security during an energy crisis.

How many years of oil is left in China? ›

China has proven reserves equivalent to 5.4 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

Who does China buy the most oil from? ›

Independent refineries' push

The volume accounted for 52.3% of China's total crude imports from Russia, S&P Global estimated, with most of the rest barrels being imported by CNPC under long-term contracts with Rosneft for about 800,000 b/d supplies via pipeline.

Who owns the oil in the United States? ›

Oil and gas rights extend vertically downward from the property line. Unless explicitly separated by a deed, oil and gas rights are owned by the surface landowner. Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development.

Does the US buy oil from China? ›

Canada—0.84 million b/d—9% China—0.63 million b/d—7% Netherlands—0.55 million b/d—6% South Korea—0.54 million b/d—6%

Who owns most of the oil in the world? ›

However, in 2021, five countries accounted for about 51% of the world's total crude oil production.
  • The top five crude oil producers and their percentage shares of world crude oil production in 2021 were:
  • United States14.5%
  • Russia13.1%
  • Saudi Arabia12.1%
  • Canada5.8%
  • Iraq5.3%

Where does the US get its oil? ›

Petroleum imports from Canada have increased significantly since the 1990s, and Canada is now the largest single source of U.S. total petroleum and crude oil imports. In 2022, Canada was the source of 52% of U.S. gross total petroleum imports and 60% of gross crude oil imports.

Why is China buying so much oil? ›

SINGAPORE, Feb 17 (Reuters) - China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said.

What country has the best oil? ›

United States. Number one on this list of the top 10 oil-producing countries is the US. Its output increased by 266,000 bpd from its 2020 level to reach 18,875,000 bpd in 2021. The US has been described as a swing producer because its production fluctuates alongside market prices.

Does the U.S. use more oil than China? ›

That means the average American consumes nearly ten times as much oil as the average Chinese consumer. Here's what it looks like: Of course, the subset of the Chinese population that is buying cars and consuming oil is smaller than in America, which makes a straight comparison between populations slightly misleading.

Where does China get most of its food? ›

In 2021, Brazil replaced the United States as China's largest agricultural supplier, providing 20 percent of China's agricultural imports.

What country has the most oil in the ground? ›

Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.

What year would oil run out? ›

Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.

How many years of oil left in us? ›

That equates to somewhere in the region of 1.65 trillion barrels of proven oil reserves. Other sources up this estimate a bit, but most agree we have around 50 years left, give or take. For reference, a barrel of crude oil is about 42 gallons or about 159 liters.

What year do we run out of oil? ›

Global consumption of oil is currently estimated at roughly 96.5 million barrels per day. According to OPEC, global demand is expected to reach 109 million barrels per day. Estimations vary slightly, but it is predicted that - if demand forecasts hold - we will run out of oil from known reserves in about 47 years.

Can Russia sell oil to China? ›

In 2022 it increased oil supply capacity at its Far Eastern port of Kozmino, but existing export capacity limits further export increases. Russia also supplies oil to China via the major East Siberia Pacific Ocean pipeline, transit through Kazakhstan and via tanker.

Where does China get its water from? ›

Supply. China's fresh water resources include 2500 cubic kilometers of mean annual run-off in its rivers and 828.8 cubic kilometers of groundwater recharge.

Why does the US import oil? ›

"The U.S. imports oil because consumption of oil products—about 20 million barrels per day—is greater than the quantity of crude oil it produces, about 18 million barrels per day," Kaufmann said.

Why the US don't use their own oil? ›

That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude. And, while the U.S. does produce enough oil to meet its own needs, it is the wrong type of oil.

Who was the richest American oil family? ›

John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He has been widely considered the wealthiest American of all time and the richest person in modern history.

Who controlled 90% of US oil? ›

In the end, Rockefeller made a deal with the other company, which gave Standard Oil ownership of nearly all the oil pipelines in the nation. By 1880, Standard Oil owned or controlled 90 percent of the U.S. oil refining business, making it the first great industrial monopoly in the world.

Does the US produce enough oil for itself? ›

Well, yes, we have. But that statement, while true in some ways, covers up several decades of short-sighted energy policies. The U.S does indeed produce enough oil to meet its own needs.

Why does the US export oil instead of using it? ›

It often makes more sense for the refineries in the gulf to export some of their gasoline to Mexico, rather than expensively ship their product all the way to the east coast of the U.S., which gets cheaper gasoline from Europe. oil prices down which keeps prices in the U.S. lower.

Which country has the largest oil reserve? ›

Venezuela - 303.806 Billion Barrels

Venezuela holds the largest oil reserves globally, with over 300 billion barrels mainly located in the Orinoco Belt at the southern end of the eastern Orinoco River Basin.

Who controls the world's gas prices? ›

But there's no single person who controls gas prices. Instead, gas prices are controlled by the market forces of supply and demand.

How long will US oil reserves last? ›

Oil Reserves in the United States

The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).

Who really controls the price of oil? ›

​Unlike most products, oil prices are not determined entirely by supply, demand, and market sentiment toward the physical product. Rather, supply, demand, and sentiment toward oil futures contracts, which are traded heavily by speculators, play a dominant role in price determination.

Does the US produce more oil than it consumes? ›

The U.S. produces 18.8 million barrels of oil per day but consumes slightly more — 20.5 million barrels per day. (The world as a whole consumes about 100 million barrels per day.)

Does the US have the most oil in the ground? ›

No other nation in the world produces more oil than the US — so why do we count on countries like Saudi Arabia to supply us with crude? While the U.S. is the world's top producer of oil, it's also the world's top gas guzzler.

Is the US rich in oil? ›

America Is the World's Largest Oil Producer.

Does China import more chips than oil? ›

China imported more than $350 billion worth of semiconductors in 2020, more in dollar terms than China's imports of oil. Loss of access to all foreign chips and chip technology would be economically apocalyptic.

Where does China get its gas? ›

The U.S. is China's biggest supplier of natural gas. One of the largest natural gas deals is between China's Sinopec and U.S. Natural Global LNG, which will provide 194 billion ft^3 of natural gas every year to China for 20 years. China has also increased taxes on natural gas being imported from the United States.

How is China paying for Russian oil? ›

China imported $88 billion worth of major commodities from Russia in 2022 — a 52% jump from 2021. Much of the trade was done in the Chinese yuan, per Reuters. China has ramped up the use of the yuan to buy commodities such as oil and coal from Russia.

What is the cleanest crude oil? ›

Tapis, a type of crude found only in Malaysia, is considered the best quality oil in the world.

How many years of oil does Saudi Arabia have left? ›

Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).

What is the outlook for the oil market in 2023? ›

World oil demand will grow by 2.4 mb/d in 2023 to 102.3 mb/d, a new record. China's rebound continues unabated, with its oil demand reaching an all-time high of 16.3 mb/d in April. The non-OECD accounts for 90% of gains this year, as OECD demand remains lacklustre amid the current manufacturing slump.

What is the oil and gas outlook for 2023? ›

Our forecast for world oil demand growth for 2023 has been revised up to 2.2 mb/d in this Report, with China's rebound even stronger than previously expected. The world's second biggest oil user after the US will account for nearly 60% of global growth in 2023.

What is the future of China's gas demand? ›

Fitch expects China's gas demand to rebound in 2023 from 2022, underpinned by moderating gas prices and economic recovery while medium-term gas demand would stay firm under China's energy transition roadmap.

What is China's oil demand in 2023? ›

Following revisions to the historical baseline, the IEA estimates that China's annual demand is now set to average 16 million b/d in 2023, up by 1.3 million b/d on the year. "China's demand recovery continues to surpass expectations, with the country setting an all-time record in March at 16 million b/d," the IEA said.

Will $100 oil return in 2023? ›

"In my opinion, the return of Brent crude to above $100 at some time in 2023 is not unexpected." Consensus in the industry currently is for lower prices in 2022. A Reuters survey of 30 economists and analysts forecast Brent would average $89.37 a barrel in 2023, down from $99 in 2022.

Will oil prices go down in 2024? ›

The US Energy Information Administration forecasts the Brent crude oil spot price to average $74/bbl in 2024, $7/bbl lower than forecast in last month's Short-Term Energy Outlook.

How much oil will the US produce in 2023? ›

The EIA forecasts that U.S. crude oil production will average 12.4 million bpd in 2023 and 12.8 million bpd in 2024. The main drivers of this growth are expected to be increased production in the Permian region and the Federal Offshore Gulf of Mexico.

What will gas prices be in 2023 inflation? ›

According to the U.S. Bureau of Labor Statistics, prices for gasoline (all types) are 996.03% higher in 2023 versus 1970 (a $36.75 difference in value).

What year are we projected to run out of oil? ›

According to the U.S. Energy Information Administration's (EIA) International Energy Outlook 2021 (IEO2021), the global supply of crude oil, other liquid hydrocarbons, and biofuels is expected to be adequate to meet the world's demand for liquid fuels through 2050.

What will oil gas prices be in 2024? ›

Forecast overview
Brent crude oil (dollars per barrel)70.8983.51
Gasoline retail price (dollars per gallon)3.023.30
U.S. crude oil production (million barrels per day)11.2512.77
9 more rows

Who has the longest gas supply with China? ›

North Field is at the centre of Qatar's expansion of its liquefied natural gas production by more than 60 percent to 126 million tonnes a year by 2027.

Where does China get most of its gas from? ›

The U.S. is China's biggest supplier of natural gas. One of the largest natural gas deals is between China's Sinopec and U.S. Natural Global LNG, which will provide 194 billion ft^3 of natural gas every year to China for 20 years. China has also increased taxes on natural gas being imported from the United States.

What will gas prices be in 2045? ›

CharacteristicNatural GasMetallurgical coal
4 more rows
Feb 22, 2023

Why is China buying all the oil? ›

SINGAPORE, Feb 17 (Reuters) - China is expected to import a record amount of crude oil in 2023 due to increased demand for fuel as people travel more following the dismantling of COVID-19 controls and as a result of new refineries coming onstream, analysts said.

Is China buying oil from us? ›

Last year, millions of barrels of oil from the U.S. reserves wound up being exported to China, including to a subsidiary of China's state-run oil company, Sinopec.

Will we still be using oil in 2050? ›

BP says demand for oil and gas will drop dramatically by 2050 in 'decisive shift' The share of fossil fuels as a primary energy source will fall from 80 percent in 2019 to between 55 and 20 percent by 2050, according to BP's annual energy outlook report.

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