China Overtakes the US to become the World’s Largest Oil Importer

For the first time in almost 40 years, the U.S. has lost its top net oil importer position to China according to preliminary figures published by the U.S. Energy Information Administration (EIA).

Although not set in stone yet, the news is considered by specialists as a “once-in-a-generation shift that will shake up the geopolitics of natural resources.”  However, the energy market has to wait for further monthly figures before the swing can be confirmed. This is partly because taxes may have distorted estimates for December’s net oil imports, reports FT.com (subscription required).

Read more: http://tinyurl.com/bzf3akq