The United States Energy Information Administration (EIA) issued news release on 9 August with its forecast that China's net oil imports will exceed those of the U.S. by October 2013 on a monthly basis, and by 2014 on an annual basis, making China the largest oil importer in the world. While U.S. oil imports are decreasing, due to increased domestic production, the demand for oil in China continues to increase and its domestic production growth continues to be slow.
