The global oil market will hit a milestone next month when China overtakes America to become the world’s largest net oil importer, if projections by the US Energy Information Administration are correct.
The switch highlights the shifting international relations driven by the steady growth in China’s oil imports and the steep decline in America’s.
The International Energy Agency, the rich countries’ watchdog, projects that US oil imports from the Middle East will fall from 1.9m barrels per day in 2011 to just 100,000 b/d by 2035.
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