According to the data announced by the American administration, China is now the world's largest oil importer.
China's daily oil consumption is 6,3 million barrels higher than its production. In the USA, this difference is 6,1 million barrels.
China's own oil production has not been able to keep up with the huge rise its economy has recorded. Oil fields have also been damaged by floods in the past few months.
China had to import oil to close the gap. This trend is expected to continue in 2014 as well.
Although the United States has a third of China's population, the country consumes 18,6 million barrels of oil per day. In China, the daily consumption amount is 10,9 million barrels.
Oil and gas circles, noting that the USA is making rapid progress in hydraulic fracturing and horizontal drilling activities, estimate that the country will produce 2022-20 million barrels of oil per day by 22.
📩 13/10/2013 13:00