August 2013


EIA: China set to top US as world’s biggest oil importer

China is set to the the largest world import of crude oil in October and will hold that ranking in 2014, forecasters at the federal Energy Information Administartion said Friday

By David Bird NEW YORK--China is poised to top the US as the world's biggest importer of oil in October and will hold the ranking for all of 2014, forecasters at the federal Energy Information Administration said Friday. The switch comes as the US, the world's biggest oil consumer, is experiencing steady oil demand and surging crude oil production from shale-oil fields, sharply reducing the need for imports. China, the second-biggest oil consumer, is showing robust growth and an increasing need for foreign oil, evident in Thursday's figures showing record-high crude-oil imports in July that were 20% above the same period in 2012. Rising US oil output in October is projected to top the level

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