• 2 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 4 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 3 hours Clean Energy Is Canceling Gas Plants
  • 17 hours GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING..
  • 6 hours Rethinking election outcomes for oil.
  • 7 hours The Leslie Stahl/60 Minutes Interview with President Trump
  • 2 days America's Frontline Doctors - Safely Start Living Again!
  • 16 hours OP article : "Trump blasts Biden Fracking Plan . . . "
  • 4 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant
  • 8 hours Video Evidence that the CCP controls Joe Biden
  • 19 hours Biden denies fracking ban
  • 2 days Is the coal industry on the way out?
  • 2 days "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 3 days Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
Soaring Number Of COVID Cases Caps Oil Prices

Soaring Number Of COVID Cases Caps Oil Prices

Oil markets are feeling pressure…

An Election Warning For Energy Traders

An Election Warning For Energy Traders

Obvious energy trades such as…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

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

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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