China and holds ~26.2 billion barrels of proven reserves (#13 worldwide). China matters to oil less for what it pumps than for what it buys: the world's largest crude importer, second-largest consumer, and for two decades the main engine of global demand growth.
| Measure | Value | As of / source |
|---|---|---|
| Proven reserves (#13 worldwide) | 26.2 Bn bbl | 2023 · EIA estimate |
| Crude imports | ≈11 Mb/d — the world's largest importer | customs data |
| Key suppliers | Russia, Saudi Arabia, Iraq, Iran (via intermediaries), Malaysia blends | trade data |
| Strategic stockpiling | Large, opaque SPR — buys dips, slows on rallies | see strategic reserves |
| Demand pivot | EV adoption is flattening gasoline demand; petrochemicals still growing | IEA/OPEC outlooks |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
China holds roughly 26.2 billion barrels of proven crude reserves (EIA estimate, 2023), the #13 largest in the world. Proven reserves shift with prices and technology — see the caveats on the oil-reserves page.
Roughly 70% is imported — led by Russia (discounted since 2022), Saudi Arabia and Iraq, plus sanctioned Iranian and Venezuelan barrels through intermediaries. Domestic fields (Daqing, Shengli, offshore Bohai) produce about 4 Mb/d but are mature and expensive to sustain.
Total petroleum demand still edges up, but the mix is shifting fast: EVs and LNG trucks are eroding gasoline and diesel, while petrochemical feedstocks keep growing. Several forecasters now see Chinese transport-fuel demand peaking this decade — one of the most consequential turns in the global oil outlook.