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China to overtake U.S. as largest oil importer

A report released this week by the Organization of the Petroleum Exporting Countries (OPEC) said that China could overtake the U.S. as the world’s largest oil importer by 2014. One analysis shows China's oil imports could top 6 million bbl in 2013.

While OPEC members initially downplayed the impact of the U.S. shale boom on global energy markets, the group is gradually accepting its role in reducing America’s oil import needs. A February report also released by OPEC said demand for its members' oil will be 100,000 bpd lower in 2013 than previously forecast and a landmark report in November from the International Energy Agency predicted the U.S. would become the largest global oil producer by 2020, and that North America could turn into a net oil exporter by 2030.

Source: Hydrocarbon Processing

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