CHINA TOPIX

Updated 10:35 AM EDT, Thu, Apr 18, 2019

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China was the Largest Importer of U.S. Crude Oil in February: Report

China the Largest Importer of U.S. Crude Oil.

(Photo : Getty Images. ) China imported a total of 8.08 million barrels of U.S. light crude, nearly four times more than its import in January.

China became the largest importer of U.S. crude oil in the month of February, surpassing the traditional buyer Canada. The news comes at a time when President Donald Trump's administration is busy laying the groundwork to launch a massive trade war against China.

China imported a total of 8.08 million barrels of U.S. light crude, nearly four times more than the import it clocked in January, according to data issued by the U.S. Census Bureau on Tuesday. The huge spike in demand by the Asian giant pushed the U.S. exports to a record 31.2 million barrels in February.

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Canada imported 20 percent less crude oil to clock 6.84 million barrels, while Singapore imported 2.03 million barrels from the U.S. to take third place in the list. The other countries including Curacao, Italy, Japan, South Korea, and the Netherlands imported one million barrels each from the U.S. in the last month.  

The U.S. and Russia have emerged as frontrunners to challenge Saudi Arabia, which has long dominated China and other Asian markets.  However, Saudi Arabia is taking several proactive steps to defend its market share in some of the critical markets.

Last month, Saudi King Salman paid a high-profile visit to China as a part of his month-long Asia tour that included stops in countries like Japan, Malaysia, and Indonesia. These countries are among the fastest growing importers of Saudi oil.

China alone offers billions of revenue to global oil companies across the world. The Asian country, which is home to world's largest population, has an unflinching appetite for oil and gas products that is set to grow further in the coming years.    

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