China has overtaken the US as the world’s largest net importer of oil. It is a shift that will shake up the geopolitics of natural resources.
US net oil imports dropped to 5.98 million barrels a day in December. This was the lowest since February 1992, according to figures from the US Energy Information Administration. In the same month, China’s net oil imports surged to 6.12 million barrels/day, according to Chinese customs.
The US has been the world’s largest net importer of oil since the mid-1970s, shaping Washington’s foreign policy towards energy-rich countries such as Saudi Arabia and Iraq.
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