Part 3/8:

As a consequence, America's crude oil exports to China have plummeted by 46%, reducing their standing from the second-largest importer to sixth. The fallout is clear: while Europe has stepped in to fill that gap, the U.S. now faces critical challenges in maintaining energy exports to its traditional allies.

Rising Dependence on Russian Energy: A New Reality

With the decline in U.S. oil exports, China is increasingly relying on Russian oil. Russia has cemented its status as China's biggest crude supplier, now accounting for nearly 20% of its market share. This shift carries weighty implications for the global oil trade, particularly concerning the Petro-dollar system, where oil transactions are traditionally settled in dollars.