The Associated Press
October 22, 2013

News Summary: China-Russia oil supply deal

FROM RUSSIA: Russia has signed an $85 billion deal to supply oil to China, visiting Prime Minister Dmitry Medvedev said, expanding energy trade between the giant neighbors.

DETAILS, DETAILS: The announcement suggests the two governments might be committed to speeding up an expansion of energy trade that has been slowed by lack of agreement on prices and other details.

GROWING NEED: China is the world’s fastest-growing energy market. U.S. government data shows that it overtook the United States in September as the biggest oil importer, driven by rising auto ownership and economic growth.

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