In 2008, China took on the mantle of world’s largest energy consumer and, 10 years later, accounts for some 23% of annual global consumption, according to analysis by BP. In 2015, it became the world’s largest importer of crude oil – its second largest source of energy.

China’s engagement with the global oil trade is hampered by two elements: foreign exchange and government-imposed trade controls, both domestic and overseas. The country has begun to open up trade flows; for example in 2015, it