The Evolution of the Chinese Oil Sector: From Self-Sufficiency to Increasing External Dependence

ChinaChina achieved oiloil self-sufficiency as early as in 1965 and was a net oil exporterexporter between 1973 and 1992. The rapid economic development after the beginning of the policy of reform and opening upreform and opening up changed this situation. After 1993, the country became a net oil importerimporter. Since then, oil importsimports have been increasing year by year as national productionproduction lags behind domesticdomestic consumptionconsumption.