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

  • 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.
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Comments (1)
  • Brian Bobbitt
    , contributor
    Comments (1905) | Send Message
     
    The US should be totally self sufficient on oil, and be an exporter...It is ONLY our government holding us back. I wish I knew the real reason why..
    Will someone PLEASE run for president and do the right thing! Forget what is politically correct.. I would run, but they'd tear me apart.

     

    Capt. Brian
    The Lost Navigator
    20 Aug 2013, 09:46 PM Reply Like
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