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Analysis: US, China face off for Saudi oil supplies
WASHINGTON: A decades-long strategic link between the United States and Saudi Arabia could face pressure as Saudi Arabia moves to quench China’s growing thirst for crude oil.
Since the United States became a net oil importer in 1974, Saudi Arabia has been a top supplier, giving up billions of dollars in extra profits from Asian markets to nurture what it saw as a strategic link with the United States. The kingdom, which filled about 18 percent of US import needs in 2003, consistently ranks with Canada, Mexico and Venezuela among the top four US suppliers, in an informal bargain of cheap Saudi oil for US security guarantees.
“They (the Saudis) were forgoing a larger (profit) they could have gotten from East Asia,”........
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