China set to become world’s largest oil importer
US crude imports have plummeted in recent years as producers have pumped more oil out of the Bakken and Eagle Ford shales and drivers have chosen more fuel-efficient vehicles
In China, on the other hand, imports have surged as the economy has expanded and more and more of the country’s 1.3 billion citizens get behind the wheel. As the trends continue, it is only a matter of time before China overtakes the US as the world’s largest oil importer. According to a new report from Wood Mackenzie, a consultancy, that time will come around 2017. China’s oil imports will nearly quadruple in just 15 years from 2.5 million barrels a day (b/d) in 2005 to 9.2m b/d in 2020, according to a Wood Mackenzie forecast. US imports, on the other hand, are forecast to fall from a peak of 10.1m b/d in 2005 to 6.8m b/d in 2020, similar to the volumes it imported in the early 1990s. Wood
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
