U.S. Oil Finds New Markets Amid Trade War With China

The ongoing trade rift between Washington and Beijing has led to a significant reduction in Chinese imports of U.S. crude oil amid concerns about the implementation of new tariffs. In the period from April 2018 to September 2018, China imported 47 million barrels of American crude oil. That fell significantly to just 10.5 million barrels between October 2018 and March 2019, according to Bloomberg.

The U.S. has managed to diversify and increase its customer base with the number of countries importing its oil rising from 31 to 38 during those two six month periods. While Chinese imports of American oil plummeted, significantly higher numbers of barrels were shipped to existing customers such as Canada, South Korea and the United Kingdom.