China has knocked the US from its top spot as the world’s biggest net importer of oil, US government data shows. The country’s fast-growing economy, as well as the rise in car sales, has led to its new status, according to September’s data. Oil consumption in China had outstripped production by 6.3 million barrels a day, said the Energy Information Administration (EIA). In the US, the figure was 6.1 million.
China’s own oil supply has been outstripped by its economic boom, and its oil fields have been damaged by flooding during the past few months. The country had had to import to make up the shortfall, said the EIA. It predicts the trend will continue into 2014. (more…)