China will overtake the United States as the world’s biggest crude oil importer by 2017 as Chinese motorists drive domestic oil demand higher, consultancy Wood Mackenzie said on Tuesday.
China is on track to spend $500 billion on crude oil imports by 2020, far outstripping the peak cost ever incurred by the United States on crude imports of $335 billion, Wood Mackenzie said in a report.
It forecasts the U.S. crude oil import bill will fall to around $160 billion by 2020 as U.S. tight oil output from shale resources replaces imports from the Middle East and Africa.
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