China will overtake the U.S. as the world’s biggest oil consumer within two decades, according to the International Energy Agency . “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, which forecasts long-term energy trends. The full findings of the report will be presented at a press conference in London today. Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said. Consumption in developed economies will shrink, with oil use in the U.S. falling to the lowest level in decades, it said. Brent crude fell to a four-year low yesterday and is trading in a bear market amid signs that global demand growth isn’t keeping pace with supply. Members of the Organization […]