Part 2/8:
Once a significant importer of U.S. oil, China has drastically cut back its energy purchases, reshaping the market landscape. After importing an impressive 450,000 barrels a day in 2023—more than double its 2022 levels—China is now turning away from U.S. energy imports. This shift is a direct response to the Biden administration's economic warfare, characterized by sanctions and steep tariffs on Chinese products. Such strategies have prompted China to weaponize its industrial demand in retaliation.