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China to Spend $500 Billion a Year on Oil Imports by 2020

China to Spend $500 Billion a Year on Oil Imports by 2020
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Τετ, 21 Αυγούστου 2013 - 15:29
China's crude-oil imports will grow significantly to touch $500 billion a year by 2020, compared with the $160 billion a year the U.S. is expected to spend by 2020, consulting firm Wood Mackenzie said late Tuesday.
China 's crude-oil imports will grow significantly to touch $500 billion a year by 2020, compared with the $160 billion a year the U.S. is expected to spend by 2020, consulting firm Wood Mackenzie said late Tuesday.

"This demonstrates the growth of the Chinese market and reliance on oil imports in relation to the U.S. , whose import requirements have already and will continue to decrease due to a previous weakening in oil demand and growing domestic supply," the firm said.

Wood Mackenzie said China 's oil imports will rise from 2.5 million barrels a day to 9.2 million barrels a day from 2005 to 2020, while U.S. oil imports will fall from a peak of 10.1 million barrels a day to 6.8 million barrels a day in the same period.

"This translates to a 360% increase in China crude oil imports and a 32% decline for U.S. ," the firm said.

It also said Chinese crude-oil imports will surpass those of the U.S. around 2017.

Earlier this month, the U.S. Energy Information Administration said China , the world's second-biggest oil consumer, is poised to top the U.S. as the world's biggest importer of oil in October and will hold the ranking for all of 2014.

China's growth in oil imports will be driven by gasoline and diesel demand as the number of personal vehicles and commercial trucks grow, and it will pay a higher price for crude oil than the U.S. while its dependence on the Organization of the Petroleum Exporting Countries increases, Wood Mackenzie said.

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