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China on track to surpass US, EU as world’s biggest oil importer

By Ray Kwong | China is on course to surpass the United States and the EU as the world’s largest importer of oil as soon as October. According to a report issued by the U.S. Energy Information Administration, the imminent emergence of China as the world’s largest net oil importer has been driven by steady growth in Chinese demand that outpaces energy consumption in the EU and increased oil production in the United States. It’s also a reminder that China’s largest oil fields are mature and production has peaked.