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China to overtake U.S. as world’s top oil importer by 2017

Posted on 22 August 2013

China will surpass the U.S. as the world’s top oil importer in four years, with oil imports costing the Chinese half a trillion dollars by 2020, consultancy Wood Mackenzie said. China’s demand for crude imports is seen rising to 9.2 million barrels a day by 2020, from 2.5 million barrels a day in 2005, the consultancy said Tuesday.
U.S. imports will have fallen to 6.8 million barrels a day from a peak of 10 million barrels in the same period — a 360% increase in Chinese crude imports and a 32% decline for U.S. crude imports. China is also seen as relying more on producers within the Organization of the Petroleum Exporting Countries………………………………………..Full Article: Source


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