Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

China to Surpass U.S. as World’s Top Crude Importer, OPEC Says

China to Surpass U.S. as World’s Top Crude Importer, OPEC Says
A worker at a gas station refuels a vehicle in Wujiang, China. Photographer: Nelson Ching/Bloomberg

China is on course to overtake the U.S. as the world’s top crude importer by 2014, as the Asian country’s growing refining capacity boosts demand and America’s fracking boom cuts the need for foreign oil, OPEC said.

Imports to China may surpass 6 million barrels a day by the end of this year, according to an e-mailed report today from the Organization of Petroleum Exporting Countries. U.S. oil imports declined 21 percent last year, according to the U.S. Energy Information Administration. Shipments may drop below 6 million a day in 2014, according to OPEC.

“People have been anticipating this for the better part of a decade,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The Chinese top leadership, and especially the military, worries a lot about their energy import dependence. It’s not clear how high it will go but it will certainly keep rising for the foreseeable future.”

China’s imports rose 1.3 percent in December to 5.57 million barrels a day, OPEC said. The country may meet 60 percent of its oil needs with foreign crude this year, according to the report.

The U.S. produced 84 percent of its own energy last year as advances in horizontal drilling and hydraulic fracturing, or fracking, unlocked oil and gas trapped in deep underground rock formations, EIA data show. Domestic crude output reached 7.159 million barrels a day last month, the most since July 1992.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.