Why China Is Suddenly Buying Record Amounts Of American Crude Oil
Why China Is Suddenly Buying Record Amounts Of American Crude Oil
Chinese oil tanker unloading in July.
VCG via Getty Images
Relations between the United States and China may be near all-time lows, but the trading of energy commodities between the two powers remains active—at least for crude oil. Indeed, China's imports of U.S. crude are expected reach a new high of about 900,000 barrels a day this month. According to Chinese customs data, China's imports of US crude oil spiked to a record high of 867,000 barrels a day in July, up from 143,000 barrels a day in June. U.S. crude started arriving in May after Chinese buyers received waivers from Beijing of the 5 percent tariff, and oil prices plunged—recall that U.S. benchmark West Texas Intermediate (WTI) dropped into negative territory in late April.
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