Tuesday, August 20, 2013

$ 500 billion, China's spending on oil imports

$ 500 billion, China's spending on oil imports
Experts: Prices will be boosted above $ 104 in October
Analysts had expected in the affairs of the oil that prices tend to rise during next October, due to high demand after draining a large part of U.S. oil inventories during the last period, in addition to rising Chinese imports. According to experts, the price of oil above $ 104 will be strengthened with the entry of next winter season.

In a related development, company of energy consultancy "Wood Mackenzie" said in a report published on Tuesday, and reported by agency "Reuters" China will need to spend $ 500 billion annually on crude oil imports by 2020, it is likely to exceed United States needs to become the largest importer of oil in 2017.

$ 500 billion, China's spending on oil imports

The company predicted rise of China's total imports to 9.2 million barrels per day by 2020 from 2.5 million barrels per day in 2005, lower U.S. imports of 10.1 million barrels per day to 6.8 million barrels per day.

William Durbin, head of global markets, "Wood Mackenzie" Said: "By 2020, imports will meet 70% of the total Chinese demand for oil. On other hand will see a drop in needs, United States imports fall due to tight oil production "

Durbin added that this trend means that many of traditional suppliers to the United States from the Organization of the Petroleum Exporting Countries (OPEC) will be forced to turn their attention to China.

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