The world has just passed a historic milestone: China has overtaken the US as the world’s largest oil importer.
After decades as the world’s biggest market for the international oil trade, America is ceding that position, the US Energy Information Administration said this week. The implications for international relations and global security are profound.
The predictable element in the equation is the inexorable growth in Chinese oil demand, as the world’s most populous nation slowly approaches the standard of living of Europe, the US and its more prosperous Asian neighbours.
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