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China tops US as biggest oil importer
Topic Started: May 12 2015, 06:04 AM (102 Views)
MSantor
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PDFF Mod Group
Not surprising, considering the massive energy appetite that comes with their growing economy:

Foreign Policy

China Tops U.S. as Biggest Oil Importer
But Beijing’s big and growing reliance on energy from the Middle East leaves China vulnerable to regional strife and worries over sea lane security.


Excerpt:
Quote:
 
In April, Reuters reported, China imported a record 7.4 million barrels of oil a day, just nipping the 7.2 million barrels a day imported by the United States, long the world’s oil glutton. By most accounts, that marked the first time China has imported more oil than the United States. By other measures, including net imports of all petroleum products, China had already elbowed its way into first place in late 2013.

Regardless of the exact timing, the emergence of China as the top crude importer is unlikely to be a one-off event. Oil production is still booming in the United States, reducing import dependence to levels last seen when President Richard Nixon was scandal-free. China, in contrast, continues to consume more oil despite an economic slowdown and efforts to shift the economy away from heavy industry and more toward services.

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Edited by MSantor, May 12 2015, 06:09 AM.
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