CHINA-US: OIL IMPORTS FROM US DROP TO ZERO
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Well-known Chinese news site Sina reported (October 6) that, according to the U.S. Census Bureau, the level of U.S. oil exports to China dropped to zero in August. Also in August, U.S. oil exports dropped significantly overall. China used to be the largest U.S. oil buyer. Starting this year, China’s position dropped to number two, after Canada. According to Reuters, global oil ship tracking systems showed no oil ships heading from the U.S. to China. The oil refiners in China are holding on to their orders in the hope of seeing more clarity on the US-China trade war. The U.S. Census Bureau usually provides oil export data a few weeks earlier than the U.S. Energy Information Administration (EIA). EIA typically releases its official data based on the Census Bureau numbers at the end of the month.
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