China's demand for crude oil is forecast to significantly increase in the coming years, according to a report from Wood Mackenzie.

The research body predicts China will spend $500 billion (£319 billion) by 2020. This could suggest a strong change in dynamics when it comes to oil demand. As the Chinese market grows more reliant on imported oil, US imports have already declined and are expected to continue to fall, partially thanks to an increasing domestic supply.

This change in trends is affecting the price as well. China's expected costs will outmatch the highest costs the US ever experienced of $335 billion.

Wood Mackenzie is putting a lot of China's increasing demand on "near-exponential increase in personal auto vehicles and diesel demand related to commercial trucking as China's economy grows".

From 2005 to 2020, China's oil imports are charted to go up from 2.5 million barrels per day (mb/d) to 9.2 million mb/d - an increase of 360 per cent. A turning point is predicted around 2017, marking the stage where China's demand for crude oil will surpass that of the US.