Bloomberg reported on April 17 that due to the escalating tensions in US-China trade, China's refining enterprises have drastically reduced their purchases of American oil by 90%, instead importing crude oil from Canada on an unprecedented scale.
The expansion project of the Trans Mountain Pipeline in western Canada was completed last year, providing a channel for other East Asian oil-importing countries, including China, to access the rich crude oil reserves in Alberta.
According to data from Veritas Advisors UK, in March this year, China imported 7.3 million barrels of crude oil from the pipeline terminal port near Vancouver, an unprecedented amount, and this number is expected to rise further this month. Imports of oil from the United States have fallen from a peak of 29 million barrels to 3 million barrels.
The report indicates that the shift in North American oil flowing to China is another example of the economic and strategic chaos caused by US President Trump's reshaping of global trade relations.
Since the completion of the expansion project of the Trans Mountain Pipeline in Canada last May, China's demand for Canadian crude oil has begun to grow. With the Trump administration announcing tariffs on China and other countries, the demand has further increased.
"Because of the trade war, China is unlikely to continue importing American oil," said Jiang Wenran, chairman of the Canada-China Energy and Environment Forum, in an interview. "They will not rely solely on Russia or the Middle East; crude oil from Canada will be very popular."
A tanker in Portland, Maine, USA, on April 2 (Associated Press)
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