The OPEC estimated that China would take over the US as the world’s largest oil importer in 2014. It is estimated that China’s oil imports could top 6M bpd this year. In the report, OPEC stated that that “with the shale boom in the (U.S.) threatening to drastically reduce America’s oil-import needs, China is expected to take its place in the number one spot”. Crude oil prices stabilized after the sharp fall yesterday.
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