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China set to overtake US as world's biggest oil importer this year

Export-oriented refiners in Singapore, South Korea and Taiwan will be most affected by the competition

Published Sun, Aug 6, 2017 · 09:50 PM
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Beijing

CHINA is on pace to overtake the United States as the world's biggest oil importer this year, cementing its status as Asia's most pivotal oil market actor that will increasingly dominate the region's fuel trade.

For the first time, China imported more crude oil in the first half of the year than the US, government statistics showed. China averaged 8.55 million barrels per day (bpd) versus 8.12 million bpd in the US, a trend that is expected to last.

The shift highlights the change in the centre of gravity in global oil markets from West to East. Chinese state-run oil trader Unipec is now the world's biggest physical oil t…

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