If you’re looking for the next "Big Oil" play, bet on Beijing.

As we’ve been reporting for the past several years, China has been on a global commodities shopping spree, which includes locking up every source of oil that it can. The Red Dragon has cut deals in Africa, South America Russia and the Middle East - and won’t stop there. Even the mainstream news media is finally becoming aware of this crucial trend.

But here’s the thing. It’s not enough just to know that this is happening. In order to profit, an investor really needs to understand why it’s happening - and to invest accordingly. Investors who lack this insight may make the strategic misstep of betting heavily (or exclusively) on the Western heavyweights - Exxon Mobil Corp. (NYSE: ), BP PLC (NYSE ADR: ) or Royal Dutch Shell (NYSE ADR: RDS.A, RDS.B) - while ignoring the oil sector’s real growth story, which is China.

Just this year alone:

• China and Russia have signed a multi-billion-dollar, intergovernmental agreement to construct an oil line from Russia that will supply oil directly to China. Actually seven agreements in one, the terms depict a deal worth trillions of dollars - including a 20-year oil contract to pump Russian oil to the Chinese market. In return, China has agreed to provide a total of $25 billion in loans to Russian oil companies Transneft and OAO Rosneft Oil Co. China even gets a cut of Rosneft’s production, as part of the deal.

• In Africa, China’s CNOOC Ltd. (NYSE ADR: ) and Sinopec Shanghai Petrochemical Co. (NYSE ADR: ) are teaming up to buy a $1.3 billion stake in Angolan offshore development rights from U.S.-based Marathon Oil Corp. (NYSE: ). A key point of note: Angola - historically one of Exxon’s favorite investment targets - has recently overtaken Nigeria as Africa’s biggest oil producer.

• While noting that it’s hardly a done deal, The Wall Street Journal did report earlier this month that China National Petroleum Corp. (CNPC) is interested in buying all or a part of Argentina’s YPF SA (NYSE ADR: YPF) for $14.5 billion.

• In Africa, China’s CNOOC Ltd. (NYSE ADR: ) and Sinopec Shanghai Petrochemical Co.