China's reliance on importing crude oil is increasing as it imports roughly 8 MMbbl/d as demand rises in China. (Source: Shutterstock.com)
The trade war has heated up as more tariffs are being imposed on energy products with a Chinese refiner opting out of purchasing crude oil from the U.S., but this trend is not likely to continue, experts said.
Several media reports cited an official from Dongming Petrochemical Group, a refiner in China, who said that the company had halted crude oil purchases from the U.S. in retaliation to America’s tariffs. Instead, the refiner chose to buy crude oil from Iran.