China ramps up US oil purchases ahead of trade deal review, say sources
Saturday, 15 Aug 2020 02:11 PM MYT China had emerged as a top US crude buyer, taking US$5.42 billion (RM22.7 billion) worth in 2018 before trade tensions brought flows to a near halt. — Reuters pic NEW YORK, Aug 15 — US crude oil shipments to China will rise sharply in coming weeks, US traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of US crude for August and September, the people said, moves that may ease US concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal. China had emerged as a top US crude buyer, taking US$5.42 billion (RM22.7 billion) worth in 2018 before trade tensions brought flows to a near halt. In January, China pledged to buy US$18.5 billion of energy products including crude oil and natural gas over its 2017 level,