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China’s changing oil calculus

Posted on 08 April 2013

The Organization of Petroleum Exporting Countries (OPEC) said in a report this week that it now expects China to overtake the U.S. in terms of oil imports next year. The report estimates that China will be importing 6 million barrels a day (bpd) by the end of the year, and that U.S. imports—which declined by 21 percent in 2012—will drop below the 6 million bpd mark in 2014.
The report also said that China may have to import as much as 60 percent of its oil needs this year. This is a dramatic turnaround from 2011 when the U.S. imported 8.7 million bpd compared to just 5.5 million bpd from China, according to the U.S. Energy Information Administration………………………………………..Full Article: Source


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