China could overtake the U.S. as the world's largest oil importer by 2014, OPEC says, in the...

|By:, SA News Editor

China could overtake the U.S. as the world's largest oil importer by 2014, OPEC says, in the latest evidence of how the American shale boom is reshaping global energy markets. China imported 5.57M bbl/day of crude in December, up 8% Y/Y, and its oil imports could top 6M this year. But for now, analysts say the newly found abundance of U.S. crude may not cushion markets from new oil price spikes.