Re: Oil plunging to unprecedented lows with more output cuts on the wayMay 22nd, 2020
You oil peeps sure do looooove China these days
China Is Buying Up Canadian Crude Again
At least three tankers loaded with Canadian crude have headed to China since the start of the year, Bloomberg reports, citing shipping data. This is the latest sign of how the oil crisis is changing demand patterns.
The usual buyers of Canadian crude are U.S. refineries, but demand has been depressed in the United States. In China, however, it appears to be improving, benefiting the long-suffering Canadian oil industry. Oil sands producers had to shut in about 1 million bpd in oil production amid the latest price crisis, and the survival of some is questionable.
Only 3 tankers?
In a year or so, once TMX is operating at full capacity, there ought to be dozens of tankers in Vancouver harbour transporting lots an lots of crude oil to China and SE Asia.
... All made possible by Trudie buying the pipeline... Fun, right?