China emerges as new energy 'center of gravity'

China's demand for oil and natural gas will be unrivaled within the next two decades, analysis from Wood Mackenzie finds.

Paul McConnell, a principal analyst for the energy consultant group's global trends service, said in a report expanding economies in Asia are growing by the year.

"By 2030 China's energy consumption will be unrivaled and the center of gravity for global energy demand will have decisively shifted East," he said in a statement Thursday. "India and the other developing economies of Asia Pacific are also of huge importance."

The Organization of Petroleum Exporting Countries said in its market report for June the Chinese economy is expected to grow by 7.5 percent, while India's should expand by 5.6 percent. The global economy should grow by 3.4 percent in 2014, OPEC said.

McConnell said the Asian economic trends mean India and China will become the top destinations for oil, natural gas and coal exports.

"And between 2014 and 2030, energy demand growth in the region will outpace that of North America by five times," he said.

For 2014, OPEC said it expects more than half of oil demand growth to come from China and the Middle East.