Until ~150 years ago oil was a fairly useless sticky substance you sometimes encountered in nature.
Then the internal combustion engine was invented, which made oil a hugely valuable resource.
Another example among many: Lithium has recently become a very valuable resource because of advances in battery technology.
This is in contrast to the (incorrect) labor theory of value so popular with left wing economists.
Oil being valuable in China does not endow China with ample reserves of oil.
Demand does not create supply.
And humans are consuming oil at 5 million times the rate at which it was created.
Moreover, what made oil a viable resource was a chain of inventions and capabilities --- pipe for well casings and transportation, which require Bessemer steel, which required iron ore, coal, and massive transportation capabilities. The underlying drilling technology was thousands of years old (used for drilling for salt in China). Further metallurgical capabilities were required for automobile engines (a light, powerful power plant), which also, coincidentally, solved the heavier-than-air powered flight problem at virtually the same instant.
Even coal use emerged contingent on other technologies. Coal was known for a long time, but was challenging to transport. The US relied on wood --- most often locally available --- rather than coal, which require expensive overland transport.
Why the Industrial Revolution occurred in England is among the great confounding questions of all time. I'd argue that it was a mix of factors:
- A politically-stable island nation spared foreign invasion for well over a millennium. As with Japan, Hawaii, Madagascar, and New Zealand.
- An island country with abundant transportation both on surrounding seas and with many inland rivers through modest terrain. Already, Britain distinguishes herself from most contenders.
- An abundance of natural resources in the form of coal, literally falling out of cliffs onto the strand initially. Volcanic islands which lack the multi-hundred-million year geological history to form such resources can stand down: Japan, New Zealand, Hawaii.
- A developed polity of broadly shared power, also generally permitting free inquiry. Though the invention of steam power still largely required being remote from centres of power, and occurred in Scotland, not England.
- Ample food and ready applications for steam power, even in modest quantities. By 1800, there were about 500 steam engines, most producing a modest 5--10 horsepower (3-7 kW) throughout the country. These were low-pressure systems with power on the vacuum condenser stroke, not under high-pressure steam, due to James Watt's control of patents and refusal to permit high-pressure engines being developed. (That process began in the US and France, outside the scope of UK patents).
By the late 19th century, England had an advanced industrial, metallurgical, and financial system, as well as a large navy it was looking to convert to oil, all of which lead to it becoming a leading developer of foreign oil reserves in the middle east. (I cannot recommend Daniel Yergin's book The Prize highly enough. I disagree strongly with the author's views concerning oil's future, he is however an outstanding historian of its past.)
Lithium, similarly, is useful now thanks to a convergence of factors, though those might well prove short-lived. An automobile is at heart quite basic and requires a small number of distinct materials. An electric vehicle requires a large portion of the available periodic table, as well as abundant energy. I'm rooting for EVs. I'm not sanguine they will have a long or widespread application.