China became the biggest buyer of US crude oil in February, surpassing Canada, at a time when OPEC is cutting back output. China imported 8.08 million barrels of US light crude, nearly quadrupling its January purchases, according to data released by the US Census Bureau Tuesday. That helped boost US exports to a record 31.2 million barrels during the month. Canada, the US’s largest trade partner, imported 6.84 million, down 20% from a month earlier. The surge in US shipments to Asia, a market long dominated by Saudi Arabia and other Middle East producers, comes as OPEC trims output in an effort to end a glut that battered the economies of global energy exporters, according to Bloomberg. Saudi Arabia reduced its pricing for some of its April crude sales to Asia as supplies from the US became more competitive.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved