2117929_150217005_.jpg (Photo : Nipic.com)
The International Energy Agency (IEA) said China is set to become the world's largest oil importer in the year 2020, overtaking the United States in taking most of the world's energy supply.
The IEA said China's rising oil demand the increased domestic oil production in the United States will catapult China as the world's largest oil importer. The agency predicted that China's monthly net oil imports will further increase and overtake the oil imports of the US starting next month.
The Paris-based IEA released a report saying China's growing oil demand will make the country the main contributor to the global energy use before the year 2020. However, it will be replaced by India after
2020 as the world's biggest energy demand driver.
This year, China's crude oil import reached 289 metric tons, or 7.3% higher than that of the previous year, said the China National Petroleum Corp.
The IEA report also said that the country will overtake the US to become the world's largest consumer of oil in 2030, with the country's transportation sector demanding the most oil.
China, the report said, will remain dependent on oil imports for about 69% of its crude oil demand. According to Chinese data, the country's transportation sector will demand 59 million barrels of oil a day and the demand will be addressed through oil importation.
Sources said the United States is implementing new rules to make it self-reliant and decrease its dependence on oil importation.
Part of the moves by the US is the development of its local oil sources and the giving of benefits to American oil firms so they will go back to the country and invest in oil exploration.
The Chinese government is also doing its part to become less reliant on imported oil. In fact, state media reported that the country is allocating USD13.07 billion to invest in oil and gas exploration this year.
