China sets record oil import from Canada and cuts purchase from the US amid trade tensions. Analysts foresee global oil market impact.
Amid increasing trade tensions between China and the US, Beijing has set an unprecedented level of crude oil imports from Canada while simultaneously reducing oil purchases from the United States by up to 90%. According to data released by Vortexa, China’s oil imports from the port near Vancouver reached a record 7.3 million barrels in March. This is in contrast to American oil imports to China, which decreased to just 3 million barrels per month. This shift in import patterns followed the development of a pipeline in western Canada, significantly enhancing China’s access to the oil-rich resources of Alberta province. Analysts believe these developments could have a significant impact on the global oil market.
