China started to buy cheap canadian oil

Китай начал скупать дешевую канадскую нефть

Canadian oil demand in China due to the fact that significant amounts of bitumen used in construction.

Chinese oil refinery amid rising prices for the reference brand of oil have been actively buying cheap oil from Canada. It is reported by Bloomberg Thursday, October 11.

Heavy and viscous oil from Canada to the refining process gives a significant amount of bitumen demand in China, where there is large-scale construction of infrastructure facilities. First, canadian oil replaces the similar characteristics of the raw material from Venezuela, which this year has sharply reduced production and export of oil.

In addition to canadian oil, China is also looking for alternatives to the Venezuelan supply in Brazil.

Unlike other regions of the world where oil prices rise, production growth in Canada has led to falling of quotations on the local brand WCS to $26 per barrel. Brent crude on Thursday fell to $81,5 per barrel, WTI – up to $72 per barrel.

According to the analyst consulting company SCI99 Whether Haynin, in late September and October construction projects in China aktiviziruyutsya, so we should expect further strengthening of demand for canadian oil.

In September, China bought in Canada in total of 1.58 million barrels of oil, according to data company Kpler tracking the movement of freight. In April, the figure was 1.5 times less – 1.05 million barrels.

We will note, in September stopped the supply to China of American oil.

 

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