Yet Another Report Says That China Will Import Most Oil By 2017

As the U.S. produces more of its own energy, China is set to steal a dubious distinction from its American geopolitical rival.

According to a report released this week by Wood Mackenzie, the world’s second-largest economy will be the globe’s largest importer of oil by volume by 2017. The shift is driven by more Chinese consumption, and a prodigious shale boom that is lessening U.S. reliance on imports.

What’s worse, China’s price tag for oil imports will double to nearly $500 billion by 2020, the report says.

The report underscores the voracious energy needs of Asia’s economic powerhouse, as a growing middle class migrates to car ownership. Although China ranks fourth globally in crude oil production, according to data from the Energy Information Administration, it’s not enough to slake the country’s implacable thirst for energy.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu