As US-China trade tensions continue to escalate, Chinese refiners have cut their U.S. oil imports, while imports of Canadian crude have reached record highs
What happened: Imports of U.S. oil by China have plunged roughly 90% since 2023, falling from a peak of 29 million barrels per month to just 3 million, according to Vortexa Ltd. data, reported Bloomberg. In March, China imported 7.3 million barrels of crude from Canada’s Vancouver port.
This figure is expected to rise even more this month. This shift follows the completion of the Trans Mountain Pipeline Expansion (TMX) …