21.08.2013 - China to spend US$ 500 bln on crude oil imports
According to Wood Mackenzie, China’s demand for crude oil imports will grow significantly, requiring spending of US$ 500 billion by 2020. The price China pays will overtake the peak cost ever incurred by the US of US$ 335 billion, with US import spending to only be US$ 160 billion by 2020. This spending clearly demonstrates the growth of the Chinese market and reliance on oil imports in relation to the US, whose import requirements have already and will continue to decrease due to a previous weakening in oil demand and growing domestic supply. The opposing trends in crude oil imports will affect the cost to both countries and inter regional trade flows...............................................Full Article: Source
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