China is on course to overtake the U.S. as the world’s top crude importer by 2014, as the Asian country’s growing refining capacity boosts demand and America’s fracking boom cuts the need for foreign oil, OPEC said today.
Should old acquaintance be forgot, and never brought to mind? Not when it comes to oil. Once again it appears that oil is getting ready to ring in the New Year with an invigorated bull run. Happy Bull Year!
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.