According to Bloomberg, affected by the China-US trade war, the world's largest crude oil importer, China, has continuously refrained from purchasing US crude oil for two months. By the end of April this year, the volume of US crude oil exports has dropped to its lowest point since 2020, decreasing by 4% month-on-month, to 3.883 million barrels per day.
US Crude Oil Export Statistics - Bloomberg
Data shows that last year, China imported an average of 297,000 barrels per day of crude oil from the United States, and in 2023, the import volume reached three times that figure.
The reduction in Chinese crude oil imports from the United States has had a profound impact on US shale oil producers, as these American oil companies are highly reliant on overseas demand to maintain production levels. As Saudi Arabia attempts to reclaim market share from US shale oil producers, OPEC and its allies have announced plans to restore production capacity, intensifying global competition in the oil market.
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