China Now Global Oil Import Leader
China is now the world's leading oil importer, surpassing the U.S. in September, according to latest data released by the latter's Energy Information Administration (EIA).
China, in September, specifically consumed 6.3 million barrels per day higher than its production, spurred by faster economic growth and strong auto sales. The U.S., meantime, only consumed 6.1 million barrels per day.
"China's steady growth in oil demand has led it to become the world's largest net oil importer, exceeding the United States in September 2013," EIA said in a report.
What's more, it noted the trend will "continue through 2014."
However, on a person-to-person basis, the Americans have been found to still consume far more oil than their Chinese counterparts.
The U.S. population consumed 18.6 million barrels per day of oil and other liquid fossil fuels, compared to the 10.9 million of China in September. The U.S. consumption was 12.5 million barrels per day; China's was 4.6 million barrels per day.
Although China's economy has been slowing down, analysts expect it nonetheless to continue posting positive growths.
China used to rely on its domestic sources, such as that of the Daqing field in the northeast, to feed its oil requirements. But its economic doom, coupled with a rising population, quickly outstripped its production capacity. Since then, China has been importing oil from Saudi Arabia and Iran.
The country had likewise been investing into other countries, including Iraq, Central Asia and Africa, to develop oil and gas sources which will be exported back to China.
China had also strongly encouraged investors to develop the wind and solar power sector. It likewise pushes for the creation and use of cars powered by batteries or natural gas.
Vehicle sales in China, albeit slowing down, still jumped in August by 11 per cent.