(OilPrice) In a recent Commodities Note, Reuters detailed how the Paris-based International Energy Agency (IEA) is changing the way it records and reports China's crude and refined oil products consumption as a result of a growing realization that the data used to date has been at best misleading, and often downright wrong.
Measuring China's oil consumption was not a particularly important process 10 years ago, but now the country is ranked only behind the US as an importer of oil. Indeed, depending on the reliability of the data, it could soon become the largest importer, as a recent article explains.
U.S. net oil imports dropped to 5.98 million barrels per day in December, the lowest since February 1992, according to provisional figures from the US Energy Information Administration, while in the same month, China's net oil imports surged to 6.12 million barrels per day, according to Chinese customs figures.
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