MODELING OF OIL CONSUMPTION IN CHINA: PROSPECTS FOR RUSSIA
To strengthen economic position at the world arena, Russia has to increase its presence in the Asia-Pacific region. To evaluate the prospects for Russian oil exports to the East, we need to determine key factors affecting demand for crude oil in Asian countries - major oil consumers. In this paper, we analyze oil consumption in China, leading oil importer wiThthe highest GDP in the region. We made an analytical review of the crude oil market, identified and analyzed wiTheconometric methods principal factors forming the demand for oil in the country. We concluded that China's economy is dependent on oil imports due to increased volumes and technological development of production. If keeping Russia's contribution in China's crude oil imports, oil supplies to China may rise by almost 40% by 2020, and twice by 2030 compared to 2012. China can be regarded as a constant strategic partner of Russia at the oil market.