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Looking into 2025, analysts speculate that global demand will continue sliding, especially given China's decelerating oil consumption. That's one reason the global oil surplus could swell to 1.2 ...
The United States government applies economic sanctions against certain institutions and key members of the government of the People's Republic of China and its ruling Chinese Communist Party (CCP), certain companies linked to the People's Liberation Army (PLA), and other affiliates that the U.S. government has accused of aiding in human rights abuses.
China is the world's largest crude oil importer and the second-largest crude oil consumer. According to U.S. Energy Information Administration data, China's crude oil imports in 2019 increased to an average of 10.1 million barrels per day (b/d), an increase of 0.9 million b/d from the 2018 average.
The U.S.'s domestic production is less than its domestic consumption. [14]: 273 Its imports therefore exceed its exports and its current account is in deficit.[14]: 273 Continuing through at least 2024, the global current account deficit is almost entirely composed of the U.S. [14]: 274 Conversely, China's domestic production is greater than its domestic consumption.
The U.S. Senate overwhelmingly passed an amendment to an annual defense bill on Thursday that would ban exports to China of oil from the Strategic Petroleum Reserve. The tally was 85 to 14 in ...
The issue of SPR sales to China heated up after President Joe Biden, a Democrat, announced in 2022 a sale of 180 million US funding bill blocks China from buying oil from Strategic Petroleum ...
A related Executive Order 14032 ("Addressing the Threat From Securities Investments That Finance Certain Companies of the People's Republic of China") was signed by President Joe Biden on June 3, 2021. The national emergency declared by E.O. 13959 remains in effect and has been expanded by E.O. 14032.
The excess is largely being driven by a weakening economy in China. Demand for oil in the world's second-largest economy contracted for six straight months in a row as of September, IEA data shows ...