China poised to become the world’s largest net oil importer later this year – Today in Energy – U.S. Energy Information Administration (EIA)

EIA’s August 2013 Short-Term Energy Outlook (STEO) forecasts that China’s net oil imports will exceed those of the United States by October 2013 on a monthly basis and by 2014 on an annual basis, making China the largest importer of oil in the world.

The imminent emergence of China as the world’s largest net oil importer has been driven by steady growth in Chinese demand, increased oil production in the United States, and a flat level of demand for oil in the U.S. market.

U.S. total annual oil production is expected to rise by 28% between 2011 and 2014 to nearly 13 million barrels per day, primarily from shale oil, tight oil, and Gulf of Mexico deepwater plays. In the meantime, Chinese production increases at a much lower rate (6% over this period) and is forecast to be just a third of U.S. production in 2014.

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via China poised to become the world’s largest net oil importer later this year – Today in Energy – U.S. Energy Information Administration (EIA).

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