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China named world's biggest oil importer

10-10-2013

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China is continuing to boost oil industries across the world as it becomes the biggest net importer of product, reports bbc.co.uk.

New data shows China outstripping its own production of oil by 6.3 million barrels a day, toppling the US on 6.1 million.

According to the US Energy Information Administration (EIA), "China's steady growth in oil demand has led it to become the world's largest net importer, exceeding the United States in September 2013."

Ft.com says the US had previously been the world's largest importer of oil since moving ahead of Japan in the 1970s - this coming as a result of a decline in its production at the start of the decade.

Although the US uses 18.6 million barrels of oil per day compared to China's total of 10.9 million, America is far more self-sufficient.

China has been forced into purchasing more oil from other markets after a rise in car sales and the flooding of its own oil fields caused supplies to dry up.

Unprecedented economic growth has also increased the country's energy needs, with annual gross domestic product growth rates averaging ten per cent over the last 30 years.

With analysts predicting this trend to last until at least 2014, oil markets across the world are set to serve the country for many months to come.

Author: Richard Towey

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