In September, China plans to buy from the United States record volumes of oil – 37 million barrels. This is four times more than the largest supplier, Saudi Arabia, has been supplying in recent months.
According to eadaily, experts believe that either China intends to comply with the terms of the trade deal, or the Chinese are going to quickly fill a new oil storage, which will be commissioned in the fall.
“According to Bloomberg, about 19 tankers have booked a load of American oil to be delivered to China in September. Together, they can deliver 37 million barrels to the Celestial Empire. For example, in June, Saudi Arabia was the largest exporter of raw materials to the country, which supplied 8.8 million barrels. China itself imports a little more than 50 million barrels a month, ”the report says.
According to Sandy Fielden, director of research at Morningstar Inc, an increase in oil purchases may be a positive signal, but while new negotiations on a trade deal are delayed, it is difficult to say how the United States is feeling about it.