The rapid redrawing of the world’s energy map is about to hit another milestone, with China overtaking the U.S. as the biggest importer of oil.
The Energy Information Agency expects China’s monthly net oil imports to exceed those of the U.S. by October, and by next year on an annual basis.
“The imminent emergence of China as the world’s largest net oil importer has been driven by steady growth in Chinese demand, increased oil production in the United States, and a flat level of demand for oil in the U.S. market,” the EIA said in its latest outlook.
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