China became the second largest consumer of oil in the world in 2003, but it has been the #3 importer of oil because of its abundant oil discoveries in the South China Sea.
But even those rich deposits are not enough to keep up with China’s soaring demand. China has now passed Japan as the #2 importer of oil in the world.
China imported 12.7% more oil in May than last year and are importing 3.65 million barrels of oil a day.
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