Chinese Oil Reserves.

China believe it or not, actually is a minor oil producer, with 1.1% of the worlds reserves. That equates to 18,500,000,000  barrels.

Of course one has to realise that China consumes 11,056,000 barrels of oil a day.

So what is the value of the 18,500,000,000 barrels ?

So crude today trades at about $50.06 a barrel which is £32.23

Thus:

18,500,000,000 x £32.23 = £651,895,600,000

That is £651 Billion which is about 43% of annual UK GDP

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