China- the new largest importer of oil

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According to research from consulting firm Wood Mackenzie- China is on track to become the world’s largest importer of oil, likely drawing most of its supplies from Middle East producers.

China’s oil imports will rise from a rate of 2.5 million barrels per day in 2005 to 9.2 million barrels per day in 2020. At the same time, U.S. imports will fall from 10.1 million barrels per day in 2005 to 6.8 million barrels per day by 2020, according to the analysis.

The shift would mean a 360 percent jump in Chinese oil imports while U.S. imports would drop 32 percent. China would therefore be spending about $500 million on oil imports annually by 2020, the company said.

Decline in U.S. imports is largely a result of increased production of oil at the same time as new federal vehicle efficiency standards have slashed domestic demand for fossil fuels. With demand for oil falling in the United States and domestic production rising, less oil is needed from other countries.

More details: fuelfix.com

Photos: presstv.ir; Andrew M. Meyers

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