Mexican Media Brands
U.S. Surpassed by China in Net Oil Imports
Last month China surpassed the U.S. to become the world's largest net oil importer, the U.S.
#economics
Share
Last month China 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.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
What Suppliers Need to Know Right Now
This is a time of reckoning for the auto industry, says Paul Eichenberg. He has some recommendations as to how companies can make their way through it.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.