In September 2013, China’s net imports of petroleum and other liquids exceeded those of the U.S. on a monthly basis,
making it the largest net importer of crude oil and other liquid fuels in the world. The rise in China’s net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth.
U.S. total annual petroleum and other liquids production is expected to rise 31% between 2011 and 2014 to 13.3 million (MM) bbl/d, primarily from tight oil plays. In the meantime, Chinese production will increase at a much lower rate (5% during this period) and is forecast to be only one-third of U.S. production in 2014.
On the demand side, China’s liquid fuels use is expected to reach more than 11 MMbbl/d in 2014, while U.S. demand hovers close to 18.9 MMbbl/d, well below the peak U.S. consumption level of 20.8 MMbbl/d in 2005. U.S. refined petroleum product exports increased by more than 173% between 2005 and 2013, lowering total net U.S. imports of petroleum and other liquids.
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