Historic: China has overtaken the US as the worlds largest oil importer. Chinas import is increasing. At the same time, US imports have declined to their lowest levels since 1987, because of booming shale oil output and a lower consumption from the crisis. In 7 years, China will import 35% more than the US. By 2020, US crude imports will have fallen to 6.8m barrels per day, while China’s will have risen to 9.2m b/d. In 2001, the White House estimated US imports by 2020 would be 17.5m barrels per day -- off by more than 150%. This will make the US less dependent on the Middle East, and force China to be more involved in the Middle East. ft/intl/cms/s/0/01ba1a04-2c24-11e3-acf4-00144feab7de.html#axzz2iMVOUZYO
Posted on: Thu, 24 Oct 2013 07:33:43 +0000
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