Forex news

China sets a new record for Canadian oil imports while reducing US supplies

As tensions escalate between China and the US, Beijing has significantly boosted its crude oil imports from Canada while reducing its oil imports from the US by 90%. According to data from Vortexa, China purchased approximately 7.3 million barrels of oil near Vancouver in March.

China sets a new record for Canadian oil imports while reducing US supplies.

As tensions grow between China and the US, Beijing has sharply increased its crude oil imports from Canada. At the same time, it has cut its oil imports from the US by 90%.

Data from Vortexa shows that in March, China bought about 7.3 million barrels of oil near Vancouver. Meanwhile, US oil exports to China have dropped to only 3 million barrels a month.

This shift comes after a new pipeline was built in western Canada. It has made it easier for China to access Alberta’s large oil reserves.

Experts believe this change could influence global oil market trends significantly.