China snubs Saudi oil in sign of weakening OPEC

The global oil market is undergoing dramatic and unexpected changes well beyond our borders, and frankly, our control. The latest surprise comes from China, which chose to ignore the lower Asian prices on offer from Saudi Arabia and instead boosted imports from Colombia, Bloomberg reports. China also boosted imports from Russia, as the world is awash with crude, largely because the U.S. is now producing so much of its own.

HOUSTON CHRONICLE