ARAM ABAJYAN
between individual member-states cooperating through inter-regional level, or it will continue its future way as a global collective actor in world politics through greater participation in the new institutional architecture 43.
Oil as most significant aspect
In regard to China-GCC economic relations oil is undoubtedly the most significant‘ driving force’ shaping this cooperation. About twothirds of those countries oil reserves are channeling to Asia, which is more than the GCC oil exports to North America and Europe together. In accordance with OPEC date statistics in 2012 the GCC states each day produced nearly 13 million barrels of crude oil. Meanwhile, along with its total oil imports China imported 35 percent of crude oil only by the GCC states. Saudi Arabia was topping the list of suppliers meeting 20 percent of Beijing’ s oil import demand 44.
The oil demands of China are gradually growing and in 2030 it is expected to reach up to 15.5 million barrels per day, and 17.5 million in 2040. Ultimately, Beijing will import about 10-12 million barrels per day which will cover around 70-80 percent of its future oil consumption. The following statistic data is highlighting significant consumption of oil by regions in coming future: China’ s annual oil consumptions are increasing dynamically 45.
43
Ibid. 44 Organization of the Petroleum Exporting Countries( OPEC), 2017. Monthly
Oil Market Report, 12 April 2017, http:// www. opec. org / opec _ web / static _ files _ project / media / downloads / publi cations / MOMR % 20April % 202017. pdf 45 See: Table 3, Source: Joseph Cheng, China’ s Relations, op. cit., p. 41.
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