China Surpasses Canada as Top Buyer of U.S. Crude
- U.S. oil exports topped 1 million barrels a day in February
- Surge comes as OPEC and allies seek to cut global supply
China Becomes Biggest U.S. Oil Buyer
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China became the biggest buyer of U.S. crude oil in February, surpassing Canada, at a time when OPEC is cutting back output.
China imported 8.08 million barrels of U.S. light crude, nearly quadrupling its January purchases, according to data released by the U.S. Census Bureau Tuesday. That helped boost U.S. exports to a record 31.2 million barrels during the month. Canada, the U.S.’s largest trade partner, imported 6.84 million, down 20 percent from a month earlier.