• 4 minutes What will the future hold for nations dependent on high oil prices.
  • 7 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 12 minutes OPEC Cuts Deep to Save Cartel
  • 15 minutes Venezuela continues to sink in misery
  • 1 hour End of EV Subsidies?
  • 2 hours Maersk's COO statment.
  • 4 hours Citi cuts Apple's price target
  • 6 mins Japan Effectively Bans China’s Huawei, ZTE From Government Contracts, Joining U.S
  • 5 hours Asian stocks down
  • 2 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 9 hours China Builds LNG Icebreaker
  • 2 hours GOODBYE FOREIGN OIL DEPENDENCE!!
  • 36 mins Oil prices may go up, but will be below $70 a barrel in FY19: Hindustan Petroleum Chairman
  • 11 hours EPA To Roll Back Carbon Rule On New Coal Plants
  • 10 hours Price Decline in Chinese Solar Panels
  • 9 hours Trump accuses Google Of Hiding 'Fair Media' Coverage of him
Alt Text

The Biggest Losers Of The Current Oil Price Slump

The repercussions of the latest…

Alt Text

NOPEC Act Is A Big Concern For OPEC Members

A proposed U.S. legislation that…

Alt Text

Three Reasons Why LNG Prices In Asia Are Plunging

Spot prices for liquefied natural…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Trending Discussions

China Overtakes the US to become the World’s Largest Oil Importer

For the first time in almost 40 years, the U.S. has lost its top net oil importer position to China according to preliminary figures published by the U.S. Energy Information Administration (EIA).

Although not set in stone yet, the news is considered by specialists as a “once-in-a-generation shift that will shake up the geopolitics of natural resources.”  However, the energy market has to wait for further monthly figures before the swing can be confirmed. This is partly because taxes may have distorted estimates for December’s net oil imports, reports FT.com (subscription required).

Oil analysts believe that even if January reverses the shift, the U.S. is set to slip to the number two spot after China as the world’s top net oil importer later in 2013 or in early 2014, as the surge in domestic oil production on the back of the shale revolution reduces the need to import crude oil.

Related article: China Decides that South China Sea Oil is a National Asset

Key to the looming change is the U.S. latest oil production boom, fuelled by new technologies and techniques —particularly fracking— that have allowed the country to extract oil from sources that was practically unreachable before.

According to EIA numbers, U.S. oil production is at its highest level in 20 years, with a 40% increase since 2008. At the same time the nation’s oil demand is at a 17-year low and the agency projects the country could even leap frog Saudi Arabia and Russia to become the world's largest oil producer by 2020.

The U.S. is expected to produce 7.3 million barrels per day this year, up from 6.4 million in 2012, says the agency, which is the developed world’s most respected energy forecaster. That obviously impact directly on the amount of crude the country is buying.

Related article: Will Colombia Become Latin America’s Poster Child for Peak Oil

Imports totalled about 7.7 million barrels per day in the month of February, down 1.2 million barrels per day from the same time last year.

U.S. oil demand for 2012 was 18.56 million barrels per day, down 2 percent from the year earlier and its lowest annual level since 1996, according to the EIA. Oil demand fell every month last year, except for May.

Currently the U.S. imports close to 10 million barrels of crude per day and Canada's accounts for 30% of that total. If the IEA is correct, Canada needs to tap into other growing markets as soon as possible, analysts believe.

By. Cecilia Jamasmie




Back to homepage

Trending Discussions


Leave a comment
  • theblamee on March 05 2013 said:
    Who cares is China has over-taken the U.S. in oil imports? Haven't you heard? The U.S. is the largest oil producer in the world and is energy independent.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
-->