The American Wall Street Journal reported today, Monday, that the United States has increased its oil supplies to China over the past five months, prompting Saudi Arabia to search for new markets.
The newspaper quoted the British Analytics company “Vortexa Ltd” indicating that the US percentage of the general volume of oil supplies to China in January 2020 was only 0.4%, but this indicator rose until mid-September to the level of 7%.
At that time, the percentage of Saudi Arabia in the Chinese market decreased during the same period, according to the company’s data, from 19% to 15%. Despite this, Saudi Arabia remains by far the largest supplier of oil to China.
Meanwhile, the chief analyst at the Geneva-based Petro-Logistics SA, Virginia Panek, said that recent data on oil tanker traffic indicates that the volume of oil supplies from the United States to China will reach 700,000 barrels by late October. Daily.
According to the report, the high volume of Chinese oil imports from the United States is due to the trade agreements previously reached between the two countries.
Last January, China agreed to buy from the United States until the end of 2021 quantities of liquefied natural gas and oil for 52.4 billion US dollars.
However, China is still far from reaching this level, and the current increase in US energy purchases represents a gradual return to the size of the two countries before the outbreak of the trade war between them in the past.
But the newspaper indicated that the rise in US supplies of oil to China may stop if the current President of the United States, Donald Trump, is defeated in the upcoming presidential elections, which will be held on November 3.
Source: “The Wall Street Journal”
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