BBC News reported on January 1:
“The first oil pipeline linking the world's biggest oil producer, Russia, and the world's biggest consumer of energy, China, has begun operating… Concentrated in western Siberia, Russia's network of pipelines for oil exports has so far run towards Europe… Russia overtook Saudi Arabia as the world's largest oil producer in 2009. China surpassed the US as the world's largest consumer of energy last year.”
As prophesied, Russia and China are moving closer together, and farther away from Europe. What impact the new pipeline will have on overall oil prices for the rest of the world will have to be seen.
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Olufemi
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