China´s every-growing need for energy is continuing to impact the world in new and unexpected ways. One is its effect on global crude oil prices. With crude oil prices holding just below their record highs, it has been interesting to note the new contracts signed by China during the final days of 2007. China´s Sinopec and PetroChina have agreed to increase their 2008 crude oil imports from Saudi Arabia by 38 percent; this, alone, will equal 10 percent of China´s annual crude oil consumption. China has also signed an agreement to increase its crude oil imports from Iran by approximately 33 percent in 2008. This expansive increase in crude oil use will surely impact world consumption of crude oil in 2008.

Source: Globecot