China is now importing record amounts of Canadian oil after slashing U.S. oil purchases by roughly 90 per cent.
As a result, imports of Canadian crude have surged, reaching a record 7.3 million barrels in March. This massive boon comes as Canadian negotiators are racing against the clock to make a trade deal with the White House.
The expanded Trans Mountain Pipeline has enabled China and other East Asian importers to access Canada’s vast crude reserves, which are relatively cheap and suitable for China’s advanced refineries that process dense, high-sulfur crude.
