U.S. Has Little To Lose From Reduced China Oil Sales — Panjiva
MENU

Panjiva_research_logo

U.S. Has Little To Lose From Reduced China Oil Sales

China 2916 Energy - Conventional 432 Energy - Crude Oil 294 U.S. 5242

Chinese oil buyers including Petrochina and Sinopec may cut their crude oil purchases from the U.S. as part of a series of non-tariff actions being taken by the government against forthcoming American tariff extensions. That may prove to be a for them challenge given surging Chinese crude oil demand, with imports that rose 13.9% year over year in July after a 9.5% rise in 2Q. The impact on U.S. oil exporters may be minimal. Shipments to China from the U.S. already fell 49.2% year over year in 2Q and represented just 6.8% of the total in 2Q.

Copyright © 2022 Panjiva Supply Chain Intelligence, a product offering from S&P Global Market Intelligence Inc. All rights reserved.