China Is Dramatically Cutting US Oil Imports

Oil may not have been on China’s official tariff list, but the country appears to have not imported any U.S. crude in August, according to Bimco’s chief shipping analyst, Peter Sand, who cited U.S. Census data.  Bimco is the world’s largest shipowner’s association with members in more than 120 countries that control around 65 percent of international tonnage.  According to Sand’s research, Chinese imports accounted for 23 percent of total U.S. crude exports in 2017 and were averaging 22 percent for this year, up until August.  “In the first seven months of 2018 China imported an averaged 10.6 million barrels,” Sand stated.  August was “a massive change to the export pattern seen since early 2017. Chinese buyers, led by the world’s top tanker charter Unipec, were rumored to have stayed away and this new data proves it.”  Sand told CNBC: “China is keeping its oil import information closer than ever before.

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