EIA: China to Replace U.S. to Be Largest Net Oil Importer in Oct.08-12 16:03 Caijing
China is poised to topple the United States to become the world’s largest oil importer by October and will hold the No.1 spot through 2014, said the latest report by the U.S. Energy Information Administration (EIA).
China’s net oil imports in October which are expected to top 6.45million barrels a day will exceed the U.S. level by 3.5 percent, or nearly 215,000 barrels a day, said the EIA in its latest report.
The rapid surge is driven by the country’s subdued supply which will rise by just over 80,000 barrels a day while its demands for oil will rise 2 percent year-on-year to top 11 million barrel a day for the first time in October.
China and the U.S. almost reached parity on net imports at around 6 million barrels a day last December, the EIA said.
China’s net imports are expected to rise 6.1 percent to 6.57million barrels a day in 2014, surpassing the U.S. by 18 percent or 1 million barrels a day. EIA also estimated the U.S. net imports to drop 12 percent to 5.57 million barrels a day, the lowest since 1986.
Once China replaces the U.S. as the world’s largest oil importer, the gap between net oil imports in China and the U.S. will grow, as suggested by higher U.S. oil production and stagnant or declining oil consumption, coupled with China’s strong oil demand growth and slow oil production growth, said the report.
The world's second-largest economy is seeing increasing needs for foreign oil with crude oil imports rising to a record high in July.
China’s official statistics showed oil imports soared to a record high of 6.15 million barrels a day, 14 percent higher from a month earlier.
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