China Slashes US Oil Imports By 90% Amid Trump Tariffs

China Slashes US Oil Imports By 90% Amid Trump Tariffs, Turns To Canada Instead - Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) - Benzinga

As US-China trade tensions continue to escalate, Chinese refiners have cut their U.S. oil imports, while imports of Canadian crude have reached record highs

What happened: Imports of U.S. oil by China have plunged roughly 90% since 2023, falling from a peak of 29 million barrels per month to just 3 million, according to Vortexa Ltd. data, reported Bloomberg. In March, China imported 7.3 million barrels of crude from Canada's Vancouver port.

This figure is expected to rise even more this month. This shift follows the completion of the Trans Mountain Pipeline Expansion (TMX) in late 2023, which added 590,000 barrels per day of export capacity and gave Alberta's landlocked oil sands direct access to Asian markets.