• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 39 mins Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour The Inconvenient Truth Of Electric Cars
  • 3 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 7 hours California and Oil
  • 6 hours The Plastics Problem
  • 28 mins Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 9 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 9 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 4 hours Hydrogen FTW... Some Day
  • 52 mins NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 2 hours Oil Demand Needs to Halve: Equinor
  • 19 hours Solar Panels at 26 cents per watt
  • 21 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 9 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 10 mins Wonders of Shale - Gas, bringing investments and jobs to the US
Oil Spikes On Soaring U.S., Iran Tensions

Oil Spikes On Soaring U.S., Iran Tensions

Oil prices spiked on Thursday…

Two Events That Will Determine Oil Prices

Two Events That Will Determine Oil Prices

The next couple of weeks,…

China Became Largest Importer of Liquid Fuels in 2013

New data from the U.S. Energy Information Administration shows that in September 2013 China surpassed the U.S. to become the world’s largest importer of oil and other liquid fuels. China’s demand for oil and refined petroleum products continues to climb. At the same time, U.S. imports are heading in the other direction, as increased fuel efficiency combines with a surge in domestic oil and gas production.

 Comparison of net petroleum and other liquids imports for China and the United States

The U.S. still far outpaces China in overall consumption of liquid fuels. The U.S. burns through 18.9 million barrels per day (down from the 2005 peak of 20.8 million bpd), while China still only consumes about 11 million bpd. However, the difference is the prodigious production coming from the U.S., which has allowed it to slash its imports. For example U.S. liquid fuels production is expected to have climbed by 31% between 2011 and 2014, reaching 13.3 million bpd. China’s production is only expected to rise by 5% over that period.

Related Article: China’s Oil Discoveries - 1.08 Billion Tons

China’s oil demand is expected to continue to rise as more and more people get into cars for the first time. However, economic data emerging from China is sparking fresh worries of a slowdown there. Its manufacturing sector actually contracted for the first quarter of 2014. The Purchasing Manager’s Index (PMI), which measures growth in manufacturing, hit an 8-month low according to preliminary data released on March 24. In order for China to hit the growth targets laid out by the central government, analysts believe that Beijing might consider economic stimulus measures to accelerate economic expansion. The data shows that some of the weakness is coming from domestic demand, as opposed to exports. The government has wanted to refocus growth on domestic consumption, reducing its dependence on heavy industry.

By Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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