China on track to become no. 1 consumer of Middle East oil

|By:, SA News Editor

China is on track to overtake the U.S. as the world’s largest crude oil importer, likely drawing most of its supplies from Middle East producers, according to consulting firm Wood Mackenzie.

China’s oil imports should rise to a rate of 9.2M bbl/day by 2020 from 2.5M in 2005, and spending ~$500B annually on oil imports, while U.S. imports will fall to 6.8M bbl/day from a peak 10.1M in 2005.

Between 2005 and 2020, OPEC's share of Chinese oil imports is expected to rise to 66% from 52% percent.

Oil ETFs: USO, UCO, OIL, BNO, DBO, OLO, USL, CRUD, DTO, SCO, SZO, DNO, UOIL, DOIL, UWTI, DWTI.