China Discovers 2.2 Billion Barrels of Oil

Now that’s leverage:

China became a net oil importer in the late 1990s and now is the world’s No. 2 consumer after the United States, and consumption last year rose another 9.3 percent to 2.4 billion barrels. Imports in 2006 surged by 16.9 percent and accounted for 47 percent of consumption, while domestic production edged up just 1.7 percent. China has some 16 billion barrels of proven reserves, according to British oil company BP PLC






Leave a Reply

Your email address will not be published. Required fields are marked *