China has become the largest buyer of U.S. crude oil
Issue Time:2017-04-07
U.S. media said the organization of Petroleum Exporting Countries (OPEC) to reduce crude oil production on the occasion, China in February this year to become the largest u.s..
According to Bloomberg News website reported on April 5th, according to data released by the U.S. Census Bureau 4, China in February imported a total of 8 million 80 thousand barrels of light crude oil from the United States, almost 4 times in January. That pushed us exports to a record 31 million 200 thousand barrels in February. Canada, the country's largest trading partner, imported 6 million 840 thousand barrels of crude oil from the United States in February, a decrease of $20% from the previous month.
Reported that the United States shipped to Asia's crude oil production coincided with OPEC production cuts. The Asian market has long been dominated by Saudi Arabia and other Middle Eastern producers. OPEC's production cuts are aimed at ending the oversupply of the world's energy exporters. With America's oil supply becoming more competitive, Saudi Arabia has reduced the price of some of its crude oil to be sold in Asia in April.
According to Bloomberg News website reported that Mason, executive vice president of energy consulting company Turner - John Hors said on the phone: "the United States exports of crude oil exceeded many OPEC countries. The increase in Chinese purchases means that the United States has played a more important role in the global crude oil export market."
Reported that the U.S. energy information administration, said U.S. crude oil exports in February increased by 35% compared to January. Hors said that this year's shipments are expected to be higher than the level of 2016.
OPEC's decision to cut the price of crude oil (Asian benchmark) Dubai crude oil prices exceeded u.s..
According to the British Petroleum PVM brokerage company released a month swap data so far this year, West Texas Intermediate (WTI) crude oil price per barrel than Dubai (the quality level is lower than the WTI average 50 cents). In 2016, the price of WTI higher than the $2.43 Dubai crude oil.
Although OPEC crude oil inventories remain high, the United States does not. According to the latest data released by the U.S. government, the stock has climbed to 534 million barrels, the highest level since 1982. In March this year, amid worries about global inventories, crude oil prices have been the biggest decline since last July.
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