Underscoring Cnooc's (CEO) deal for Nexen (NXY) is the fact that China's economy remains...

|By:, SA News Editor

Underscoring Cnooc's (CEO) deal for Nexen (NXY) is the fact that China's economy remains intensely energy hungry. China imported 5.6M bbl/day of oil in H1 2012, up 11% Y/Y despite its slowing economy, and its oil need could surpass 12M bbl/day by 2035. By contrast, the U.S. is likely to buy less foreign oil over time, thanks to rising domestic shale and ethanol production.