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Social Security's 2032 deadline puts a 22% cut on the table — but Washington has way less room to negotiate than 1983

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CEO of $20 billion AI firm Perplexity says the secret to success is ‘sleeping with that fear’ that your competitor will steal your idea

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Iran proved it can close the Strait of Hormuz, but the U.S. is advertising very loudly that the world's top superpower can at least punch open a hole
Oil

China Has Replaced Canada as the Top Buyer of U.S. Crude

By Ryan Ho Kilpatrick
April 5, 2017, 5:49 AM ET
Luke Sharrett—Bloomberg/Getty Images
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China has replaced Canada as the United States’ top crude oil buyer.

More than eight million barrels of U.S. light crude made its way to China in February—nearly four times its January imports, according to U.S. Census Bureau data. Canada, the United States’ largest trading partner, purchased 6.84 million barrels in the same month, down 20% from their January figure, Bloomberg reports.

Asian countries are increasingly looking to America to fill their energy needs as OPEC nations curb production to address global oversupply and push up oil prices, according to Bloomberg.

For more about oil prices, watch Fortune’s video:

The United States, which exports more crude than many OPEC nations, has not been the only country to benefit from a drop in production from the Middle East. Last year, Russia beat out Saudi Arabia to become China’s top crude oil supplier.

 

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