China close to becoming the world’s biggest net oil importer

Driven by steady growth in Chinese demand.

The Energy Information Administration said China will surpass the U.S. by October to become the world’s biggest net oil importer on a monthly basis. On a yearly basis, China’s oil imports will surpass the U.S.’ in 2014.

Imports by China, currently the second-biggest oil-consuming country, will reach 6.45 million barrels a day, exceeding the U.S.’ 6.23 million.

Net Chinese imports will be 6.57 million barrels a day next year, higher than the U.S.’s 5.71 million.

EIA said the imminent emergence of China as the world’s largest net oil importer has been driven by steady growth in Chinese demand, increased oil production in the United States and a flat level of demand for oil in the U.S. market.

It estimates China will use 11 million barrels a day of oil in October compared to the U.S.’ 18.6 million barrels.

Oil production, including crude and other liquids, will rise to 12.4 million barrels a day in the U.S. by October. China’s production will be 4.57 million.

U.S. oil production will rise by 28% between 2011 and 2014 to nearly 13 million barrels a day, primarily from shale oil, EIA said. China’s production will grow 6% in this period to reach a third of U.S. levels in 2014.