China to surpass US as world's biggest oil importer: Goldman Sachs
Monday, 09 January 2012
09 Jan 2012;economictimes.indiatimes.com:LONDON: China is due to overtake the United States to become the world's biggest oil importer within a year and a half, Goldman Sachs said on Monday. Iranian oil displaced by the European Union embargo is likely to go into Chinese government reserves, Goldman Sachs said. "What happens to Iranian cargoes? Iranian cargoes are likely to go to China," Jeff Currie, head of commodities research for the investment bank, told a strategy conference in London. "Yes, China has reduced its imports of Iranian oil already, but it will likely take it in for SPR (strategic petroleum reserves) purposes in the first quarter." US oil imports have slid by 40 percent over the past several years as technological innovation in areas such as shale gas has boosted output, while demand has soared in China, Currie, told a strategy conference in London. "Within the next 12 to 18 months, China's going to surpass the United States as the biggest importer of oil in the world," he said.
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