The economy of China alone doubled in size between 2007 and 2013, an expansion built on the production of goods requiring energy to manufacture. With rising living standards, Chinese households have been able to afford cars and other products that consume energy.
China’s oil consumption followed suit, doubling over the past decade to about 10 million barrels a day and making the country the world’s second-largest consumer of crude oil. This growing demand for energy put continued upward pressure on oil prices. Over time, the industry responded by stepping up exploration, developing higher-cost sources, and making some major technological breakthroughs.