China is reportedly consuming 9.76 million barrels of oil every day, reports Beijing Youth Daily, citing a report compiled by BP.

Including Hong Kong, China consumes 10.12 million barrels of oil daily, making China the second largest consumer of oil worldwide.

According to the report, global oil reserves in 2012 rose 8.3 percent, enough to meet  worldwide demand for 54 years.

Crude oil is still a major source of energy as it accounts for 33.1 percent of global energy consumption.