Chinese importers are avoiding buying US crude oil as the trade war between the two countries continues and the possibility of escalation remains. Importers are reportedly anxious that Beijing may go back on its decision to exclude the commodity from its tariffs list and fear placing orders, given that it takes June to receive shipments of US crude, according to Sushant Gupta of Wood Mackenzie. Since the start of August, no Chinese tanker has loaded oil from the US, in stark contrast to the 300,000 barrels that were loaded every day in months and July.
Chinese importers are avoiding buying US crude oil as the trade war between the two countries continues and the possibility of escalation remains. Importers are reportedly anxious that Beijing may go back on its decision to exclude the commodity from its tariffs list and fear placing orders, given that it takes months to receive shipments of US crude, according to Sushant Gupta of Wood Mackenzie. Since the start of August, no Chinese tanker has loaded oil from the US, in stark contrast to the 300,000 barrels that were loaded every day in June and July.