China is slowly resuming imports of US crude oil after reducing intake following the trade dispute between the two countries, but volume is well below pre-trade war levels. The United States imported about 1.07 million barrels per day (bpd) in July, down from 2.08 million bpd a year earlier, according to data released by the Energy Information Administration (EIA) Earlier in 2018, prior to the trade war, the Asian nation was importing around 328,000 bpd, but according to an opinion piece by Clyde Russell in Reuters, US crude is uncompetitive to Asia due to shipping costs.
China is slowly resuming imports of US crude oil after reducing intake following the trade dispute between the two countries, but volume is well below pre-trade war levels. Three tankers holding 3.94 million barrels are set to arrive in February, according to Refinitiv’s vessel-tracking data, after no cargoes were shipped this month, October and November, and just one arrived in December. Earlier in 2018, prior to the trade war, the Asian nation was importing around 328,000 bpd, but according to an opinion piece by Clyde Russell in Reuters, US crude is uncompetitive to Asia due to shipping costs.