China replacing US oil with Canadian
China has been importing record amounts of crude oil from Canada and drastically reducing supplies from the US in light of the trade war with Washington, Bloomberg reported on Wednesday.
Washington and Beijing have implemented a series of reciprocal tariff hikes over the past two months in light of which the latter has slashed purchases of US oil by roughly 90%, according to the outlet. China previously indicated that it would not implement more tariff hikes against US goods but would rather employ alternative ways to retaliate.
Chinese crude imports from a port near Vancouver on Canada's Pacific coast soared to a record 7.3 million barrels in March and may exceed the figure this month, Bloomberg reported, citing data from London-based global oil and gas cargo tracking firm Vortexa Ltd. Chinese imports of US oil, meanwhile, have fallen to 3 million barrels per month from a peak of 29 million last June, it added.
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China's direct imports of Canadian crude oil had historically been minimal, primarily due to infrastructure constraints. Chinese refineries have mainly sourced crude from the Middle East and Russia.
Roughly 1.7% of China's total crude imports came from the US last year, according to Chinese customs data, down from 2.5% in 2023.
Nearly all of Canada's oil is shipped to the US to be processed there or re-exported to Asia. However, the completion last May of the Trans Mountain Expansion pipeline, which takes crude to Canada's Pacific coast, provided the country with an alternative route to export more volumes directly, primarily to Asia, thus reducing its reliance on the US.
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'Given the trade war, it's unlikely for China to import more US oil,'
Bloomberg quoted Wenran Jiang, president of the Canada-China Energy & Environment Forum, as saying.
'They are not going to bank on Russian alone or Middle Eastern alone. Anything from Canada will be welcome news.'
China accounted for roughly 5% of US crude oil exports last year, according to ship-tracking data from Kpler.
Russia remains China's largest supplier of crude oil. Russian shipments to China reached the highest level on record in 2024. The increase in recent years is largely attributable to the discounts being offered on Russian crude. China's imports of oil from Saudi Arabia, its second-largest supplier, declined by 9% year-on-year in 2024.
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