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China Surpasses US As Top Oil Importer

Posted by Colin Clark on

In a shift with potentially enormous strategic implications, China recently surpassed the US as the world’s largest net oil importer, as the US produces more and consumes less while Chinese demand steadily increases. US net oil imports have fallen from a peak of 13 million barrels per day in October 2006 to under 6 mmb/d in December 2012, according to a Citi research note issued February 28, titled “Milestones Toward US Energy Independence – Alert: US net Oil Imports Plummet to Second Place Behind China.”

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