Forbes: China became a US ally in the "oil war" against Russia

US President Donald Trump was probably very unpleasant to learn that in his "oil war" against Russia and Saudi Arabia an ally appeared in the person of China, writes the American magazine Forbes.

Over the past four months (May-August), Trump's fiercely criticized Beijing has bought more oil in the US than anyone else, according to information released October 6, 2020. Before that, the Chinese had never ranked first on the list of American oil importers for two consecutive months. Moreover, until May 2020, China was last in first place only in March 2018.

It was then that Trump launched a "trade war" against Beijing by increasing tariffs on Chinese goods. At the same time, Chinese leader Xi Jinping retaliated by increasing duties on US soybeans, which are mostly grown in states controlled by the Republican Party.

It's the same with oil. Most of the oil exported from the US is produced in Texas, which is a stronghold of the Republicans. The state has been hit hard by the COVID-19 pandemic that caused economic crisis and collapse of demand for raw materials in the world. In addition, Moscow and Riyadh have flooded the world markets with their oil, trying to strip Washington of its status as the largest oil producer.

And then the Chinese came to the rescue, they pushed aside Canada, the traditional largest buyer, and became the largest importer of oil from the United States. In May 2020, with total U.S. trade down nearly 30% from May 2019, China bought more than $ 1 billion in U.S. oil, double what the Chinese had bought earlier in the year. In 2015, Canada accounted for 90% of all US oil exports, which amounted to only $ 8.82 billion.In 2019, the US exported $ 60,02 billion of oil.In August 2020, the US sold this crude for $ 4,2 billion.

The volume of oil supplies to Canada is growing, but the share of this country in the total structure of US exports is declining. In the period 2016-2019, it fell from 60 to 15,8%. For 8 months of 2020, it became a record low - 12,45%.

At the same time, in 2015, China accounted for about 0,25% of total US oil exports. But already in 2017, this figure rose to 19,17%. Then Trump launched a "trade war" with Beijing, after which China's share began to decline. In 2018, it was 11,27%, and in 2019 - 4,55%. For 8 months of 2020, China's share amounted to 10,29%, which for the first time puts Beijing and Ottawa on practically one line in the list of the largest importers of American oil.
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  1. Ky Ky Offline Ky Ky
    Ky Ky 10 October 2020 10: 05
    Well, it's not quite that, China is progmatics - they don't put anything in one basket. So to speak, they created a base, "glued it to themselves" and they are already choosing where they feed tastier. Well, you see, the buns were from the United States, such as the sanctions moved or took an easy option.
    Everything is logical. And his ego - that everything in the world is being done because of Russia is better to remove. It's time to calm down. We ourselves are the biggest problem at the moment.
  2. Oyo Sarkazmi Offline Oyo Sarkazmi
    Oyo Sarkazmi (Oyo Sarkazmi) 10 October 2020 15: 06
    There is a dump of dollars - they get resources for the paper. Iran does not need dollars, the Saudis are under OPEC restrictions. Therefore, the best way to get rid of dollars is to buy everything in the US.
  3. Sergey Latyshev Offline Sergey Latyshev
    Sergey Latyshev (Serge) 10 October 2020 18: 04
    So if it's cheap, what not to buy then?
    Remember, in the news they wrote that they first bought from the Arabs. Then we have. Then again at the Arabs. Now at yus.

    It can be seen that there are storage containers, money does not smell, but the Chinese do not read with their weekly "kapets to the Arabs and the USA")))
  4. Semyon Semyonov_2 (Semyon Semyonov) 10 October 2020 22: 35
    China will never go with the Americans in the same team. NEVER.
  5. Alexzn Offline Alexzn
    Alexzn (Alexander) 11 October 2020 17: 59
    Quote: Oyo Sarkazmi
    There is a dump of dollars - they get resources for the paper. Iran does not need dollars, the Saudis are under OPEC restrictions. Therefore, the best way to get rid of dollars is to buy everything in the US.

    As humor? It's funny.
    The Americans have banned dollar deals with Iran. Iran is suffocating without currency, primarily the dollar.