Opposite Directions: China and US Reliance on Oil Imports
China’s energy demand has been on a strong rising trend, a consequence of its economic growth. A lack of sufficient domestic oil resources to meet demand, means China must turn increasingly to imports to satisfy its oil needs. In Wood Mackenzie’s current forecast, China’s crude oil import volumes surpass the US post-2015. China faces the risk of becoming similar to the United States of old with oil import costs rising along with increasing dependency on OPEC.
The US is adjusting to its ‘new normal’. Recent years of weak to declining US oil demand coupled with increasing domestic crude oil production and oil product exports has and will continue to facilitate a precipitous downward trend in crude oil imports and a precipitous decline in net oil imports. Unlike China, US import costs are falling, as is its dependency on non-North American crudes.
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Wood Mackenzie’s Oils team has published a full report on the topic. To find out more about the report please email email@example.com
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