(MENAFN- ProactiveInvestors - Australia) China is on track to become the largest importer of crude oil, bettering the U.S. in 2013 as crude oil imports have already risen 1.4 percent to 164 million tonnes in the first seven months.
This would make China the largest net oil importer in the world, the US Energy Information Administration said in a paper.
In context, the U.S. has boosted its domestic oil supplies from shale gas and oil, which the EIA expects would mean that net liquid fuel imports in the US are expected to drop to 6.23 million barrels per day in October and that of China to top 6.45 million barrels per day.
That said, energy demand in the U.S. may not show the expected drop in October as heating demand may climb with winter needs and it may not be a mantle that sits easily with Chinese officials as it requires significant outflow of funds to pay for imports of crude.
A total of 60 percent of China's oil imports are from Middle East oil producers at present, which China is attempting to diversify to alternative sources.
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