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China Overtakes U.S. as World’s Biggest Oil Importer
China has surpassed the U.S. to become the world's largest net oil importer, the U.S.
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China has surpassed the U.S. to become the world's largest net oil importer, the U.S. Energy Information Administration says.
The agency estimates that the gap between overall oil usage and domestic petroleum production in China rose to 6.3 million barrels per day in September compared with about 6.2 million bpd for the U.S.
America's overall oil consumption has declined about 4% to 18.7 billion bpd in four years as Americans drove less and bought more efficient vehicles, EIA notes. It says a 40% upswing in domestic petroleum production also reduced the need for imported oil.
Cuts in U.S. oil consumption contrast with China's 40% jump in demand to 10.7 million bpd since 2008. The agency points out that domestic oil production has soared about 40% over that period in the U.S. but advanced only about 4% in China.
EIA expects the net gap in oil usage between China and the U.S. to grow at least through next year.
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