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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (20178)1/2/2005 9:01:58 PM
From: Wyätt Gwyön  Read Replies (2) of 116555
 
maybe the second in 2004, more than Japan I think.

yep, China has overtaken Japan as #2 importer of crude. although US is much larger consumer, China is the most important variable on the demand side since they will be the largest incremental demand growth over next 20 yrs.

My point is China, as a major importer of oil, has NO power of bargaining, whatsoever

they may be restricted as to the types of crude they can import, depending on their refining capabilities. but China is working hard to develop a very globally diversified supplier base with long term agreements, ranging from Northern Africa (very large investments in Sudan?, i believe) to Iran (building pipeline running the length of the country, assisting on numerous refinery projects) to Central Asia (established multilateral "Shanghai League" [or similar name, i forget] to nurture relationships w/CA countries and establish security for pipelines routed to China) to Australia.

China must be scared out of their wits that the US could choke off Persian Gulf oil at will at some point in the future and bring China to economic standstill; hence China is very proactive in development of alternative suppliers and routes. worldwide hatred of US military aggression should be helpful to China's PR efforts.
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