The US has flooded the Chinese market with its oil

The United States has significantly increased oil supplies to China in recent months. In January 2020, Washington accounted for only about 0.4% of total oil supplies to Beijing, and by mid-September the figure rose to 7%.

This policy of the United States led to the fact that countries from the Middle East were forced to look for new markets. In particular, the share of Saudi Arabia in Chinese imports, although it remains the largest energy supplier in the PRC, decreased from 19% to 15%. This was reported by The Wall Street Journal, citing data from the British analytical company Vortexa Ltd.

The publication notes that the growth of American imports is primarily due to the agreements reached in January in the field of trade between Washington and Beijing. According to them, China agreed to purchase liquefied natural gas and oil from the United States in the amount of $ 52.4 billion by the end of 2021.

Earlier reported that oil prices continue to decline. The fall was caused by an increase in the incidence of coronavirus. As of October 2, more than 7.45 million cases of infection were recorded in the United States, 212 thousand people died. Plus, President Donald Trump himself fell ill, which somewhat worried investors. At the beginning of this week, oil prices may correct after a strong collapse the day before.