China to become largest net oil importer before year-end

Energy-hungry China is expected to overtake the US to become the
world's largest net oil importer before the endof this year, according
to a report.
The report, quoting figures from the US Energy
InformationAdministration (EIA), said that"the US is still the largest
importer of oil, but not for much longer. While its net oil imports
are quickly falling, those of China, the world's second largest oil
consumer, are quickly rising."
Asian demand for Gulf Cooperation Council's (GCC) energy products will
remain robust as the regional industrial expansion continuesin spite
of the weak economic background, the report said.
South Korea is an important economic partner to the Gulf, acertain
level of competition exists among GCC countries to increase their
share of exports, though, currently Saudi Arabia leads exports more
than the rest of the Gulf to South Korea.
According to the report, China is not the only country headingthat
direction: India and newly industrialised economies like South Korea
and Taiwan are also quickly catching up.
Just under half of the world's top ten net oil importers come from
emerging Asia, it said, revealing that South Korea is the 6th largest
net oil importer.
Korea's energy consumption levels have increased over time and, given
that its production capacity is relatively low and rigid, its energy
imports have been rising, said the report.
According to the report, the GCC exports nearly twice as much to
emerging Asia than it does to the G3 nations comprising Colombia,
Mexico, and Venezuela.
Less developed Asian economies, such as Vietnam and Cambodia, are also
increasing their demand for the Gulf's energy products, as they
develop their industrial sectors, while the G3 is reducing its imports
from the GCC, as their industries stall and as they become more energy
self-sufficient.
Among the GCC countries, Saudi Arabia is the largest exporter to South
Korea and fifth at the global level. Saudi shipped $ 37.5 billion
worth of goods in the 12 months to July2013, followed by Qatar with$
26 billion, Kuwait with $ 18.4 billion and the UAE with $ 16.2
billion. Kuwait became South Korea's third largest exporter from the
GCC in 2011.
GCC comprises six gulf nationsnamely United Arab Emirates, Bahrain,
Saudi Arabia, Oman, Qatar and Kuwait.