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China Had 57 Percent Increase in Crude Oil Imports from the U.S.

Well-known Chinese news site Sina recently reported that the China Customs Administration just released the numbers on crude oil imports for the first quarter of this year. According to the official data, China had a year-over-year 57 percent increase in crude oil imports from the United States. Also, based on the same data, the U.S. crude oil weight in China’s total crude oil imports increased to 2.5 percent in the first quarter. This new development is positive for the China-U.S. trade relationship, as well as China’s goal of diversifying oil suppliers. China is currently the second largest buyer of U.S. crude oil. However, China’s two largest oil suppliers are still Russia and Saudi Arabia. At this moment, the United States has domestic bottlenecks and limitations in its capacity for pipeline deliveries as well as port loading capacity limitations for its rapidly increasing oil export volume.

Source: Sina, June 7, 2018