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United States : American oil finds new markets as China-US trade rift grows

May 16, 2019 (Euclid Infotech Ltd via COMTEX) --

US crude is reaching new destinations around the world after Chinese buying slowed amid concern that the growing trade dispute between the countries could result in a tax on American oil.

America shipped 470.2 million barrels to 38 countries from October through March, compared with 359.3 million to 31 nations in the previous six months, according to Census Bureau data compiled by Bloomberg.

The volumes increased even as shipments to China sank nearly 80 per cent.

"China is a large buyer of crude oil, but the fact that they don't buy from the US doesn't mean that the US doesn't have any place to sell it," said Sandy Fielden, analyst at Morningstar.

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