• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 12 mins U.S. Withdraws From U.N. Human Rights Council
  • 8 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 7 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 3 hours "The Gasoline Car Is a Car With a Future"
  • 2 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Saudi Arabia turns to solar
  • 57 mins What If Canada Had Wind and Not Oilsands?
  • 11 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 11 hours Could oil demand collapse rapidly? Yup, sure could.
  • 4 hours EVs Could Help Coal Demand
  • 1 hour Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 12 hours WE Solutions plans to print cars
  • 2 hours Gazprom Exports to EU Hit Record
  • 17 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 1 day Oil and Trade War
  • 20 hours Lloyd's of London excludes coal
Alt Text

Permian Discount Could Rise To $20 Per Barrel

Midstream constraints plaguing Permian drillers…

Alt Text

Why OPEC Won't Flood The Oil Market

Saudi Arabia and Russia are…

Alt Text

Russia Boosts Oil Production Before OPEC Meeting

Russia pumped almost 11.1 million…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

China Just Became The No.1 Buyer Of U.S. Crude

Rig

While OPEC is implementing production cuts, U.S. crude oil exports are steadily growing and winning customers even in China. In February, China was the biggest buyer of U.S. light crude oil, overtaking Canada as the top destination of U.S. crude exports.

According to data by the U.S. Census Bureau crunched by Bloomberg, U.S. crude sales in China jumped almost fourfold in February compared to January, to 8.08 million barrels, versus the 6.84 million barrels of oil that Canada imported from the U.S., which was a 20-percent monthly drop.

U.S. crude oil exports reached a record high of 31.2 million barrels in February, the data showed.

U.S. crude oil exports to China started surging in November last year, according to data by the EIA available through January this year. In January, China bought 2.003 million barrels of U.S. crude.

By comparison, U.S. oil exports to Canada stood at 8.538 million barrels in January, compared to 6.064 million barrels in December last year.

John Auers, executive vice president at energy consultant Turner Mason & Co, commented for Bloomberg on the development: “The U.S. is a larger exporter of crude than many OPEC countries. That China is buying more means that the U.S. has become a larger player in the global crude export market.” Related: World’s Biggest LNG Exporter Just Raised The Stakes

Two of the main reasons for the high U.S. exports and increased Chinese buying of U.S. crude were the seasonal refinery maintenance in the U.S. Gulf Coast, and the Dubai benchmark for Asia becoming more expensive due to the OPEC production cuts, Auers reckons. This has opened an arbitrage window for U.S. grades to be shipped to Asia.

In a sign that China buying U.S. crude will continue after February, China’s Sinopec has bought 1 million barrels of the U.S. Mars Blend crude for loading in April, a person familiar with the plans told Bloomberg.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News