China is in shock from becoming so dependent on the world oil market so fast. A dozen years ago it was self-sufficient in oil; now it is the world’s third-largest oil importer. This year China may import half its oil. That’s why the country’s leadership, worried that energy shortages could threaten economic growth, adopted its “go-out strategy.” Its three major oil companies have been working overtime to make themselves players in world oil, willing to pay top dollar to get into the game”from Angola to Australia.
The full article is available from CERA.com.
