China winning in OPEC price war

China is emerging as the winner from OPEC's battle with rival oil producers as the world's biggest energy consumer stockpiles crude.

The nation's efforts to boost reserves may increase its imports by as much as 700,000 barrels a day in 2015, according to London-based Energy Aspects Ltd. That's more than half the global glut forecast by Citigroup Inc after the Organization of Petroleum Exporting Countries refrained from cutting output at its meeting last week. Brent crude has slumped 41 percent from its peak in June.

The dwindling number of investors still betting on a rebound in prices can at least count on Chinese demand. OPEC decided to maintain output targets even as a shale boom boosts United States' production to the highest in more than three decades and causes a global supply glut.