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Saudis Look To The East, While The West Covers Her Back April 10, 2010

Posted by tkcollier in cool stuff.
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“The Saudis are particularly concerned about the shape of the global market where all the growth comes from the east and all the security comes from the west,” Mr. Alterman said.

China’s oil demand is set to grow by 900,000 barrels a day in the next two years. Chinese oil consumption reached 8.5 million barrels a day last year, compared with 4.8 million in 2000. It will account for a third of the world’s total consumption growth this year.

While China is by far the fastest-growing oil market in the world, the United States is still the top consumer: despite the slump, Americans consumed 18.5 million barrels a day in 2009. That amounts to 22 barrels of oil a year for each American, compared with 2.4 barrels for each Chinese.

via More Saudi Oil Goes to China Than to U.S. – NYTimes.com.

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