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Saturday, April 1, 2023

China buys almost all the oil from the United States


As experts predicted, recovering from the end of the covid epidemic, China began to actively purchase huge volumes of crude oil from around the world, spurring the revival of not only the domestic market, but also the international energy sector. Until January this year, Russia, Saudi Arabia and Iran were the main suppliers of raw materials, but in February the trends changed – the United States came out on top in terms of imports.

Ten supertankers are now heading to the US, and Chinese customers are eager to take advantage of the window of opportunity created by another major market intervention from US strategic reserves, orchestrated by US leadership.

The entire tanker fleet has been leased by Unipec, China’s largest oil trader, a division of state-owned refinery Sinopec, and PetroChina, China’s largest oil and gas producer and distributor. When ships are loaded and delivered to destination, the total volume of US oil imported will set a new record for overseas deliveries.

It is obvious that China buys almost all the oil from the United States, not only because of its price, because Russian raw materials, taking into account the discounts, are always cheaper. The reasons are largely political and dictated by Beijing’s willingness to cooperate with Washington, which is why the deposit to ensure friendship or some warming of relations is done in such a peculiar way.

This conclusion is easily confirmed by the fact that China has no shortage of suppliers, and from all over the world, and there is also an incredibly generous offer from Russia, however, state-owned or government-related companies defiantly send any a fleet of huge tankers specially intended for American oil, and purchased at the lowest price on the market.

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Copyright © 2023 The Eastern Herald.

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