from the Globe&Mail

China's appetite for foreign oil has surpassed that of the United States, according to the Bank of Nova Scotia, as consumers race to the pumps to fill their new cars and the country feverishly builds storage facilities to take advantage of weak markets.

In its monthly commodity update, market specialist Patricia Mohr said China relied on imports for 57 per cent of its petroleum production, while the United States imported 55 per cent of its needs.

“It's an interesting question for Canada's oil sands if growth is coming from emerging markets rather than the G7,” she said. “Our efforts are on serving the U.S. market, but I think commercially it would be in our interests to diversify. The world has changed substantially and will change more as we move into the next decade.”