Caixin
Apr 13, 2022 08:23 PM
BUSINESS

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

A worker refuels a vehicle at a gas station in East China’s Shandong province on March 17. Photo: VCG
A worker refuels a vehicle at a gas station in East China’s Shandong province on March 17. Photo: VCG

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.

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