China seen overtaking US as biggest oil importer in 2-3 years
“In two to three years, China will be the largest global importer of crude oil,” Jorge Montepeque, global director of market reports for Platts, said at today’s Global Outlook for Oil event during IP Week.
According to Platts data, the difference between US and Chinese crude oil imports is now 3 million barrels per day. This figure has fallen by half, from 6 million b/d, over the past year.
"We are seeing major shifts, with large oil companies such as Saudi Aramco exiting the US crude oil markets," says Montepeque.
This prediction threatens to redraw global crude imports trends sooner than many are expecting.
The US is the world's largest net importer of crude oil, with Japan in second place
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