China will overtake the United States as the largest oil consumer in the world by 2030, the International Energy Agency (IEA) said.
“A landmark is reached in the early 2030s, when China becomes the largest oil-consuming country, crossing paths with the United States,” the agency said in a summary of its World Energy Outlook 2014, which forecasts energy trends in long terms.
China’s official news agency Xinhua reported that the IEA released the full findings of the report in London on Wednesday.
Official figures show China’s oil consumption in 2013 was 9.78 million barrels per day (bpd) while the U.S. consumed 18.89 million bpd.
But the IEA said the growth of oil demand in countries like China, Russia and Brazil will “plateau” by 2030-40, whereas India, the Middle East, and sub-Saharan Africa will become the driver of growth.
Global oil demand will increase by 16 percent from 90 million bpd in 2013 to 104 million bpd in 2040, with 60 percent of the growth driven by the developing nations of Asia, the agency forecasts.