China, on the verge of ousting U.S. as the largest importer of oil of the world

The fast redesign of the energy map of the world is about to mark a milestone with China as the biggest importer of oil, once overcome U.S. in October 2013, according to  forecast of the Energy Information Administration U.S.

In October the Asian giant overtake U.S.. the first place on the basis of net imports of oil monthly, and by 2014 on the annual basis.

“The imminent rise of China as the biggest net importer of the world’s oil has been driven by the steady growth of demand in China, the increase in the production of oil in the United States, and a level without changes in the demand for oil in the market U.S., said the EIA.

“It’s only a matter of time before China surpasses U.S. in net oil imports. The most important thing is to find solutions, since China, as a major importer of oil, will be very vulnerable to changes in oil prices “, said Lin Boqiang, director of the Research Center for energy economics of the Xiamen University.

Stimulated by the ‘shale revolution’ U.S. It covers increasingly its demand for energy from the inside, with production reaching 13 million barrels per day.

China imports 60% of its oil and the rest of the demand is met by the largest Chinese oil producer PetroChina. Imports come mainly from the Middle East and Russia. In addition, China has just started hydraulic fracturing of oil and gas in the Sichuan region.

The import of oil is not the first sphere where China manages to overcome U.S. In February China he left behind U.S. as the largest nation commercial most important in the world for volume of exports and imports over the past year.

China trade data from last July show that the economy strengthens. Both exports and imports from China increased in July 2013, exceeding analyst expectations.

 

Petrolera China

AFP

From Actualidad.rt.com

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Erick Gálvez

Administrador at ASD Forex
Webmaster of ASDForex.com and trader of forex market since 2008. I'm in charge of the publication and editing of news and analysis www.asdforex.com

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