Energy has emerged as a main factor in Sino-Gulf relations since the 1990s. In 1992, Deng delivered his famous South Tour Speech, which led to a rapid economic increase in China and a corresponding increase in China’s oil demand. China became a net importer of refined oil products in 1993 and a net importer of crude oil in 1996. It increased its capability to refine high-sulfur crude oil, and deepened its energy relations with Gulf countries, making Iran become a main oil exporter to China. The Asian Financial Crisis of 1997-1998 forced China to explore markets in the Middle East and Africa.