As China continues to open up, its demand for crude oil continues to grow. In a more globalized world, the question is not if China will get the oil it needs, but where it'll come from. CGTN's Zou Yun has more.

From cars to aircraft to daily commodities and clothes, crude oil's uses are much more than just for fuel. According to China's National Bureau of Statistics, the country's consumed 610 million tons of crude oil in 2017, while only producing just under one third of it.

LYU DAPENG, SPOKESPERSON SINOPEC GROUP "China is the largest importer of crude oil, and Sinopec is probably the biggest purchaser of crude oil globally because 60% of Sinopec's processing volume comes from imports."

Sinopec ranked third on the 2017 list of Fortune 500 companies, and its business scope covers oil and gas exploration and development, oil refining, chemical engineering and oil sales. As an experienced importer, crude oil from the US is not unfamiliar with Sinopec.

LYU DAPENG, SPOKESPERSON SINOPEC GROUP "We imported 5.57 million tons crude oil from the US in 2017, which accounted for 10 percent of US crude oil exports. We have a good foundation for cooperation with the US."

The US lifted its ban on crude oil exports in December 2015, and has the ambition of being a net exporter of crude oil and liquid natural gas. Energy Professor Zhou Dadi says, it's good news for China, as well as buyers from around the world.

ZHOU DADI, PROFESSOR ENERGY RESEARCH INSTITUTE, NATIONAL DEVELOPMENT AND REFORM COMMISSION "China is the largest importer of crude oil, and will be one of the main importers of Liquified Natural Gas - or LNG. We welcome the US to join the ranks of exporters of crude oil and LNG. Increasing trade between China and the US with crude oil and LNG could not only serve China's energy security, but also help to trim part of the US's trade deficit with China."

Importing energy is anything but trivial. Companies need to consider various factors, and cost undoubtedly carries the most weight.

LYU DAPENG, SPOKESPERSON SINOPEC GROUP "When purchasing crude oil, Sinopec takes multiple factors into account. The most important factor is cost-performance. Aside from that, we care about the applicability of our oil refining equipment. We hope to decrease the cost while purchasing the most suitable kind of oil."

Zhou says the decisive factor for China importing US crude oil lies with the US, not China.

ZHOU DADI, PROFESSOR ENERGY RESEARCH INSTITUTE, NATIONAL DEVELOPMENT AND REFORM COMMISSION "China aims at diversifying energy imports, and strives for as many sources of a crude oil supply as possible. We can increase imports of US crude, as long as the US shows enough production capacity and attractive commercial terms."

As an enterprise, Sinopec says its activities are driven by the law of value. Importing US crude oil can be a win-win situation for both. Once again placing the decision in the hands of market forces. ZY, CGTN, Beijing.