Monday, July 19, 2010

Beijing's is expected to be more influential in global energy markets

China overtook the U.S. last year to become the world's biggest energy user.  Beijing's is expected to be more influential in global energy markets, in determining prices and how it is used.

On a per capita basis, the U.S. still uses far more energy than China and remains less efficient than Europe.  In the 2000, the US consumed twice as much energy as China, now China consumes more than the U.S..

China last year consumed 2,252 million tons of oil equivalent of energy from sources including coal, oil, nuclear power, natural gas and hydropower, about 4 percent more than the U.S.

 China will thus increasingly determine how energy is used on a global scale -- from the types of cars manufactured to the kinds of power plants built. This means China will also determine energy consumption patterns outside its boarders.

China is already by far the world's largest user of coal. Despite its own vast resources, its imports of thermal coal are expected to hit 105-115 million tonnes this year, pushing it ahead of Japan as the world's largest coal importer. Only three years ago China was a net coal exporter.

The trend has also been apparent in oil. Saudi Arabia, the world's most important oil exporter, for the first time last year sold more oil to China than the U.S., which for decades had been its most important customer.

source: http://edition.cnn.com/2010/BUSINESS/07/20/china.energy.consumption.ft/index.html?eref=rss_latest&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+Most+Recent%29#fbid=nPcT7dkXrmE