Today China consumes 10,221,000 barrels of oil day.
This is one of the largest consumer nations of oil, with the USA in No.1 position “drinking” 18,555,000 barrels of oil.
China’s consumption is 11.7% of global crude oil consumption.
What is the financial value of this ?
Brent Crude today is worth US$ 101.52 per barrel.
10,221,000 barrels of oil day x US$ 101.52 = US$ 1,037,635,920 per day (that is US$ 1 billion dollars per day) = £635,366,000 per day = £635 million per day.
So as China gets richer, the more money it will be spending on crude oil.