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China Imports Record Amounts of Canadian Oil, Cuts US Purchases
China Imports Record Amounts of Canadian Oil, Cuts US Purchases
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China has begun importing record amounts of Canadian crude oil while slashing purchases of US oil by roughly 90% amid a growing trade war. A pipeline expansion in Western Canada has provided China and other East Asian oil importers with expanded access to the crude reserves in Alberta’s oilsands region. This deal resumes China’s oil imports while allowing the country to avoid making a new oil deal with the USA. Data from Vortexa Ltd. shows that Chinese crude imports from the port at the pipeline terminus near Vancouver surged to 7.3 million barrels in March, while Chinese imports of US oil collapsed to very low levels.
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