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SU, XOM, CVX: China Buys Record Amount of Canadian Oil as Beijing Shuns U.S. Energy Market
Tipranks - Tipranks - Thu Apr 17, 1:28PM CDTChinese refiners are importing record amounts of Canadian crude oil after slashing their purchases of U.S. energy products by 90% amid an ongoing trade war.
Chinese crude oil imports from Canada rose to a record 7.3 million barrels in March of this year and have risen further in April as Beijing feuds with Washington, D.C. in an escalating tit-for-tat trade war. Data from Vortexa, which tracks oil and natural-gas shipments, shows that Chinese imports of U.S. crude oil fell to three million barrels a month from a peak of 29 million barrels in June 2024.
Canada’s oil sector, which is a major driver of the national economy, stands to continue benefitting from Chinese demand given that China is the world’s biggest importer of crude. The expansion of the Trans Mountain Pipeline that carries crude from the Province of Alberta to the port of Vancouver on the West Coast has only made it easier for China to source Canadian crude.
Cheaper Option
China’s record buying spree from Canada is a positive for domestic oil producers such as Suncor Energy (SU) and Imperial Oil (IMO). However, it looks to be bad news for the leading U.S. oil majors such as ExxonMobil (XOM) and Chevron (CVX).Chinese officials have said in recent weeks that oil sourced from Canada is seen as more attractive and reliable than crude bought from either the U.S. or Russia, two of the world’s biggest energy producers. Canada is currently the world’s fifth largest producer of crude oil, according to industry data.
Canada also benefits from the fact that its oil is comparatively cheap to buy when compared to crude sold from the Middle East and other regions. Brent crude oil, the international benchmark, is currently trading at $66.83 per barrel.
SU, XOM, CVX: China Buys Record Amount of Canadian Oil as Beijing Shuns U.S. Energy Market
Detailed price information for Exxon Mobil Corp (XOM-N) from The Globe and Mail including charting and trades.
www.theglobeandmail.com
