oilChina has overtaken the US as the world’s largest net oil importer, according to a Financial Times report. The US has been the world’s largest net oil importer since the mid-1970s, but the country’s net oil imports – crude and refined oil products – dropped in December to 5.98 million barrels per day, the lowest since February 1992.

Chinese net oil imports surged to 6.12 million barrels per day, according to the customs office. The swing has yet to be confirmed by more monthly data, as taxation may have distorted estimates for December’s net oil imports.