United States crude production is expected to be at its highest since 1986, according to information compiled from Bloomberg and the Energy Information Administration. The increased domestic production has allowed the U.S. to diminish its need for imports – a luxury enjoyed by few countries around the globe.
One of those countries on the import market is China, home of the largest population in the world. China, along with India, are expected to supply the bulk of near-term import growth. Its demand for crude has risen every year since 1990 and cracked the 10,000 MBOPD consumption mark in 2012. Some think tanks expected U.S. production to pass that same threshold in the near-term before the oil price slump, placing expectations in a volatile spot. China, meanwhile, will certainly be reaping the benefits of the lower commodity prices, potentially offsetting its 2014 GDP, which was the country’s slowest in 20 years.
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