Business / Industries

US, China oil output and consumption forecast

By DU JUAN (chinadaily.com.cn) Updated: 2014-03-25 17:39

The US Energy Information Administration estimated on Tuesday that the annual production of petroleum and other liquids from the United States this year will be 13.3 million barrels a day, while China's production will be only one-third of the US output in 2014.

US petroleum and other liquids production is expected to rise 31 percent between 2011 and 2014 to 13.3 million barrels a day, primarily from tight oil plays, while China's production increase is at a much lower rate of around 5 percent for the same period, the administration said in a report.

In September 2013, China's net imports of petroleum and other liquids exceeded those of the US on a monthly basis, making it the largest net importer of crude oil and other liquids in the world.

"The rise in China's net imports of petroleum and other liquids is driven by steady economic growth, with rapidly rising Chinese petroleum demand outpacing production growth," said the report.

On the demand side, it forecast China's liquid fuels use is expected to reach more than 11 million barrels a day in 2014, while US demand will be close to 18.9 million barrels a day.

Thanks to rapid shale gas development in the US, its refined petroleum product exports increased by more than 173 percent between 2005 and 2013, lowering the net US imports of petroleum and other liquids.

China has been also diversifying the sources of its crude oil imports in recent years as a result of robust oil demand growth and recent geopolitical uncertainties.

Saudi Arabia continues to be the largest supplier of crude oil to China and in 2013 provided 19 percent of China's 5.6 million barrels a day.

US, China oil output and consumption forecast
 

US, China oil output and consumption forecast

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