War in Ukraine Expected to Add $100 Billion to China’s Oil Import Bill

China, the world’s biggest importer of crude oil, may have to pay nearly $100 billion more for purchases of the fuel this year due to the surge in international prices, a jump likely to squeeze profits in downstream industries such as refining, chemical production, and textiles.

That’s according to industry experts who spoke at the 2022 Oil Market Development Conference in Beijing this week.