Heading in Oppposite Directions: China and US Reliance on Oil Imports

China's energy demand has been on a strong rising trend, a consequence of its economic growth. In our current forecast, China's crude oil import volumes surpass the US post-2015. China faces the risk of becoming similar to the United States of old with oil import costs rising along with increasing dependency on OPEC. Unlike China, US import costs are falling as is its dependency on non-North American crudes.