China Surpasses Canada as Top Buyer of U.S. Crude

Bloomberg Markets: “China became the biggest buyer of U.S. crude oil in February, surpassing Canada, at a time when OPEC is cutting back output.”

“The surge in U.S. shipments to Asia, a market long dominated by Saudi Arabia and other Middle East producers, comes as the Organization of Petroleum Exporting Countries trims output in an effort to end a glut that battered the economies of global energy exporters. Saudi Arabia reduced its pricing for some of its April crude sales to Asia as supplies from the U.S. became more competitive.”

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