Quote:
Originally Posted by Snuffleupagus
Since the shale boom the USA doesn't import a whole lot of Saudi oil anyway. Canada exports about 2x as much as the Saudi's as does Latin America, they pretty much only buy Saudi oil to keep the peace.
I would think China,India and Japan would be Saudi Arabia's biggest customers for oil
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20% of the USA oil is a huge amount. It's bigger than any other single country's total except for China:
https://en.wikipedia.org/wiki/List_o...il_consumption
Even if the USA isn't buying all of it directly from SA, having them move from one of the largest importers to an exporter is going to substantially change the market.
China may also be importing a lot of oil, but their expansion is corporate as well as geographical. They've acquired huge stakes in many of the foreign companies they are using to import oil.