Source: U.S. Energy Information Administration, Short-Term Energy Outlook, March 2014 Note: Net petroleum and other liquids imports are defined as total liquid fuels consumption minus domestic production.
In
September 2013, China's net imports of petroleum and other liquids
exceeded those of the United States on a monthly basis, making it the
largest net importer of crude oil and other liquids in the world. The
rise in China's net imports
of petroleum and other liquids is driven by steady economic growth,
with rapidly rising Chinese petroleum demand outpacing production
growth.
U.S. total annual petroleum and other liquids production
is expected to rise 31% between 2011 and 2014 to 13.3 million barrels
per day, primarily from tight oil plays. In the meantime, Chinese
production will increase at a much lower rate (5% over this period) and
is forecast to be only a third of U.S. production in 2014.
On the
demand side, China's liquid fuels use is expected to reach more than 11
million barrels per day in 2014, while U.S. demand hovers close to 18.9
million barrels per day, well below the peak U.S. consumption level of
20.8 million barrels per day in 2005. U.S. refined petroleum product
exports increased by more than 173% between 2005 and 2013, lowering
total net U.S. imports of petroleum and other liquids.
China has
been diversifying the sources of its crude oil imports in recent years
as a result of robust oil demand growth and recent geopolitical
uncertainties. Saudi Arabia continues to be the largest supplier of
crude oil to China and in 2013 provided 19% of China's 5.6 million
barrels per day. Because production levels from Iran, Libya, and Sudan
and South Sudan dropped since 2011, China replaced the lost shares of
crude oil and other liquids imports from these countries with imports
from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and
Russia.
http://theenergycollective.com/todayinenergy/358516/china-now-worlds-largest-net-importer-petroleum-and-other-liquid-fuels
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