That oil never gets to the world market - just helps to further the PRC's goal of natural resource acquisition.
Couple this with the Petrokhazakhstan buyout by China National, CNOOC's failed takeover of Unocal and their lending a financial helping hand to Putin in re-nationalizing prime Yukos assets and you can see that the PRC is taking steps to hoard oil and protect distribution routes in preparation for a move on Taiwan in the next 5-10 years.
The world's ten largest oil producing (not oil reserves) nations:
1) Russia
2) Saudi Arabia
3) USA
4) Iran
5) Mexico
6) China
7) Norway
8) Venezuela
9) Nigeria
10)United Arab Emirates
they also just got bolivian oil