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China becomes world’s top oil importer

Posted on 05 March 2013

China has overtaken the US as the world’s largest net importer of oil, in a generational shift that will shake up the geopolitics of natural resources. US net oil imports dropped to 5.98m barrels a day in December, the lowest since February 1992, according to provisional figures from the US Energy Information Administration. In the same month, China’s net oil imports surged to 6.12m b/d, 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, Iraq and Venezuela………………………………………..Full Article: Source


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