Related Articles
Forward article link
Share PDF with colleagues

China set to become world’s largest oil importer

US crude imports have plummeted in recent years as producers have pumped more oil out of the Bakken and Eagle Ford shales and drivers have chosen more fuel-efficient vehicles

In China, on the other hand, imports have surged as the economy has expanded and more and more of the country’s 1.3 billion citizens get behind the wheel. As the trends continue, it is only a matter of time before China overtakes the US as the world’s largest oil importer. According to a new report from Wood Mackenzie, a consultancy, that time will come around 2017. China’s oil imports will nearly quadruple in just 15 years from 2.5 million barrels a day (b/d) in 2005 to 9.2m b/d in 2020, according to a Wood Mackenzie forecast. US imports, on the other hand, are forecast to fall from a peak of 10.1m b/d in 2005 to 6.8m b/d in 2020, similar to the volumes it imported in the early 1990s. Woo

Also in this section
The price is right
5 April 2018
With the help of thirsty consumers and collapsing Venezuelan output, the market seems at last to have found its range
Opec and IEA bristle at Trump's trade posturing
16 March 2018
The IEA and Opec say Trump’s trade plans are a threat to global growth
Five key takeaways from the big three oil market reports
15 March 2018
Demand and supply data still diverge, Venezuela’s increasingly critical to balances, and some macro alarm bells are starting to ring