For the first time in nearly 40 years, China has overtaken the U.S. as the world’s largest net oil importer, according to preliminary figures published by the U.S. Energy Information Administration.
EIA data showed that China’s incoming shipments hit 6.12 million barrels per day in December, and those of the U.S. fell to 5.98 million barrels per day — the lowest since February 1992.
It’s worth noting that tax maneuvering may have distorted December data, while U.S. imports tend to recover in January. Traditionally, U.S. oil companies cut their net oil purchases at the end of the year to reduce their tax bills, according to the Financial Times. Over the past decade, U.S. net oil imports in January have recovered significantly from December every year.
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