China will replace the United States as the world’s biggest consumer of oil by 2030, Xinhua reported late Wednesday, citing a report by the International Energy Agency (IEA). The IEA forecast that the price of crude oil will hit US$128 per barrel by 2035 as global oil demand expands to 101 million barrels a day and global production of conventional crude oil from all existing fields falls to 65 million barrels a day. China is projected to record the fastest growth in renewable power capacity, surpassing the combined new capacity of the European Union, the U.S. and Japan. Fossil fuels will remain the major energy source by that time, the report noted.
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