Friday, August 9, 2013

For The Archives: China Will Become World's Biggest Net Oil Importer In Three Months (Almost Two Years In Dog Lives)

Bloomberg is reporting:
China will surpass the U.S. by October to become the world’s biggest net oil importer on a monthly basis, the Energy Information Administration said.
Imports by the second-biggest oil-consuming country will reach 6.45 million barrels a day, surpassing the U.S.’s 6.23 million, the EIA, the Energy Department’s statistical arm, said in this week’s Short-Term Energy Outlook. On a yearly basis, China’s overseas purchases will surpass the U.S.’s next year.
And that's what I think drove the price of oil up today.

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