Skip to comments.China is now the world’s largest net importer of petroleum and other liquid fuels
Posted on 03/29/2014 5:42:17 PM PDT by thackney
In September 2013, China's net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids 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 barrels per day, primarily from tight oil plays. In the meantime, Chinese production will increase at a much lower rate (5% over this period) and is forecast to be only a third of U.S. production in 2014.
On the demand side, China's liquid fuels use is expected to reach more than 11 million barrels per day in 2014, while U.S. demand hovers close to 18.9 million barrels per day, well below the peak U.S. consumption level of 20.8 million barrels per day 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.
China has been diversifying the sources of its crude oil imports in recent years as a result of robust oil demand growth and recent geopolitical uncertainties. Saudi Arabia continues to be the largest supplier of crude oil to China and in 2013 provided 19% of China's 5.6 million barrels per day. Because production levels from Iran, Libya, and Sudan and South Sudan dropped since 2011, China replaced the lost shares of crude oil and other liquids imports from these countries with imports from Oman, Iraq, the United Arab Emirates, Angola, Venezuela, and Russia.
Very interesting numbers.
Wouldn’t it be something if these guys were stockpiling a large percentage of these resources, looking ahead to the day when everyone else has finally sucked their reserves down so that they could gouge the bejeezus out of them selling them their own oil back at outrageous prices. One hell of a long sentence, eh?
Expected...with a billion and a half people...it will become even larger. Of course, I’d like to see the envirowackos take on China...easiest way to get rid of them.
“...Id like to see the envirowackos take on China...easiest way to get rid of them.”
The envirowackos or China? ...
Maybe both? :)
The stone age didn’t end because they ran out of stones.
The oil energy age won’t end because we are running out. It will end as another energy source meets the need at a lower cost. That can be as something else is cheaper, or as oil becomes more expensive than the other choices.
It may come to a point where we are selling our cheap plastic stuff to China.
“One hell of a long sentence, eh?”
Hmmm...we sentence you to the liquid fuels hell! No chance at purgatory! Algore gonna get you! :)
I never said they were smart! After all just look at their housing plans, cities inhabited by no one in a country that radically controls their births. Now thats some real good planning ahead right there!
Just an opinion.
I accept, as long as were talking, Scotch, Bourbon, Whiskey, Tequila and I've to got admit a real weakness for pop like Baileys and Tia Maria. I'm kind of a cheap drunk. ; )
“Expected...with a billion and a half people...it will become even larger. Of course, Id like to see the envirowackos take on China...easiest way to get rid of them.”
That’s right; what uses do other countries have for many metals, rubber, and other materials if Red China has become the manufacturing center for most of the world? The Chinese are paying the environmental price others don;t want as well...
Funny how the environazis never complain about the carbon footprint their communist buddies in China put on the planet. They block the pipeline that will bring Canadian crude to Gulf coast refineries, yet they have no problem with the risk of sending that crude across the ocean in huge tankers and then refining that crude in a nation which has no environmental standards.
Your weaknesses mirror mine! :)
One of the only times I have been sh*tfaced drunk happened to be at the wedding reception of a Doctor my Wife worked for, of course!. It was held at a fairly nice country club and had a open bar, I discovered Tia Maria and consumed their entire, not too small supply. In my defence I was in my early twenties and that was long time ago!