China Cracks Open Tap for Canadian Oil Amid Trade Spat
China has increased its imports of crude oil and liquefied natural gas (LNG) from Canada amid an escalating trade dispute between Ottawa and Washington. The country's reliance on Canadian energy products rose sharply in August, with Chinese customs data showing a nearly 35% year-on-year increase in crude oil imports from Canada.
The value of these imports also increased by 64%, reaching US$782.3 million last month. This uptick in trade comes as Beijing seeks to diversify its energy supplies amid geopolitical risks and escalating tensions between major powers.
China's efforts to secure alternative energy sources have led to a significant increase in the country's imports of Russian energy products, with volumes rising sharply in August as well. The data suggests that China is taking steps to reduce its dependence on other countries' energy supplies.