China has knocked the US from its top spot as the world’s biggest net importer of oil, US government data shows.
The country’s fast-growing economy, as well as the rise in car sales, has led to its new status, according to September’s data.
Oil consumption in China had outstripped production by 6.3 million barrels a day, said the Energy Information Administration (EIA).
In the US, the figure was 6.1 million.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.