| 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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