Thursday, April 25th 2013 - 05:46 UTC

China to overtake US as main oil importer by 2014 says OPEC

China is on course to overtake the US as the world’s top crude importer by 2014, as the Asian country’s growing refining capacity boosts demand and America’s fracking boom cuts the need for foreign oil, OPEC said in its monthly report.

US has boosted domestic supply and imports declined 21% last year

Imports to China may surpass 6 million barrels a day by the end of this year, according to an e-mailed report from the Organization of Petroleum Exporting Countries. US oil imports declined 21% last year, according to the US Energy Information Administration. Shipments may drop below 6 million a day in 2014, according to OPEC.

“People have been anticipating this for the better part of a decade,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts.

“The Chinese top leadership, and especially the military, worries a lot about their energy import dependence. It’s not clear how high it will go but it will certainly keep rising for the foreseeable future.”

China’s imports rose 1.3% in December to 5.57 million barrels a day, OPEC said. The country may meet 60% of its oil needs with foreign crude this year, according to the report.

The US produced 84% of its own energy last year as advances in horizontal drilling and hydraulic fracturing, or fracking, unlocked oil and gas trapped in deep underground rock formations, EIA data show.

The US domestic crude output reached 7.159 million barrels a day last month, the most since July 1992.
 

8 comments Feed

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1 Anglotino (#) Apr 25th, 2013 - 10:27 am Report abuse
Dear People's Republic of China

Please accept our sincere felicitations in almost reaching this milestone on your path to further integrating into the world economic system.

As a token of our gratitude and congratulations, we hereby bequeath to you the Middle East. May you find as many fascinating conundrums as we have over the past several decades in our quest to ensure the continuing supply of oil.

Sincerely,
The United States of America.
2 Captain Poppy (#) Apr 25th, 2013 - 11:19 am Report abuse
Oil is like heroin
3 Brazilian (#) Apr 25th, 2013 - 04:33 pm Report abuse
China might also become the world's largest economy as early as 2016!
4 Captain Poppy (#) Apr 25th, 2013 - 04:41 pm Report abuse
with 8 times to population of the USA, wouldn;t you think it's about time?
5 yankeeboy (#) Apr 26th, 2013 - 11:28 am Report abuse
They have to import fuel and food at a premium. Their wages are increasing, their environmental damage is flabbergasting, pollution is so bad JAPAN complains about it, 1 BILLION people live on less than $5 day, and the provinces are in constant civil unrest.
They have a long long way to go to supersede the USA in any useful stat.
6 Brazilian (#) Apr 26th, 2013 - 03:14 pm Report abuse
# 6 - Except for having a bigger economy, because that's about to happen very soon. And as far as comparing living standards, it would take China a long time to have the living standards of the US, just as it would take the US a long time to be able to have the living standards of more developed nations, like Sweden.
7 yankeeboy (#) Apr 26th, 2013 - 10:39 pm Report abuse
Brazilian you keep posting the same stupid drivel after I have explained to you how it is not possible.
Even with 8.5% YEAR OVER YEAR WITH COMPOUND INTEREST by 2016 china is still 2/3 of the USA economy.
They will never see 8+ growth this decade
Those days are long gone
8 cornelius (#) Apr 27th, 2013 - 01:43 am Report abuse
Brazilian you are the most ignorant person in this forum along with Stevie.
The US is becoming energy self sufficient it will be the largest energy exporter of energy in the world by 2017 and that along can tell you where the Chinese economy is going it will depend on a unstable middle east the us will retrieved from the middle east since there is no need for the militarily to secure the source of oil the us economy will never be surpassed by China since we control the food supply and energy who can compete with the US. China import food you idiots!

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