China will surpass the United States as the biggest crude oil importer by 2017 as its economy continues to grow and as Chinese drivers push up demand for fuel, according to a report on Tuesday by global energy consultancy Wood Mackenzie.

According to the report, China will spend $500 billion annually on crude imports by 2020.

"The price China pays will far outstrip the peak cost ever incurred by the US of $335 billion annually with US import spend falling to only $160 billion annually by 2020," the report said.