Data show China passing U.S. as biggest oil importer

The United States government released data this week showing China surpassing the U.S. as the largest net importer of oil in September, according to the Associated Press. Fast economic growth, strong auto sales and dwindling oil production have caused China to look to other markets like Central Asia, Africa and Iraq for their fuel needs.

In September, demand for oil in China exceeded domestic production by 6.3 million barrels per day, bringing total oil used to 10.3 million barrels, according to a report by the Energy Information Administration. The U.S. still consumes far more, reporting 18.6 million total barrels per day used. However, the U.S. produced 12.5 million barrels per day, resulting in total imports of 6.1 million barrels.

U.S demand for liquid fuel is still rising by 110,000 barrels per day, or 0.6 percent. But consumption is forecasted to fall 0.4 percent by 2014. By the same time, China's consumption is predicted to reach 11 million barrels per day.

Read more at the Associated Press.