Category : Oil
New data released by the American government has revealed that China has overtaken the U.S as the leader in net oil imports as of September 2014. The increase in demand is due to the country’s high auto sales and fast economic growth. China’s consumption of oil surpassed production by a whopping 6.3 million barrels per day. As a result the country has to rely on imports to suffice the deficit.
Americans used 18.6 million barrels of oil daily in September compared to China’s daily consumption of 10.9 million barrels. In addition, oil production in the U.S stood at 12.6 million barrels per day, while China’s daily production was 4.6 million.
Although Beijing is encouraging the development of solar power and wind energy as alternate sources, it is still expected that gasoline will be the primary source of energy for at least the next ten years. New oil sources are also being sought by State-owned companies but they are yet to discover a sizable source.