Chinese companies looking to sign long-term agreements to buy crude oil from U.S...
FILE PHOTO: China National Offshore Oil Corporation's oil refinery is seen in Huizhou, China's southern Guangdong province July 28, 2009. REUTERS/Tyrone Siu/File Photo
The United States and China have been embroiled in an increasingly bitter trade dispute for nearly a year, and it escalated recently with the U.S. imposition of 25% tariffs on $200 billion of Chinese goods. In the first half of 2018, China was the biggest importer of U.S. crude, averaging 377,000 bpd. In the six months ended February, the most recent data available, it has dropped to 41,600 bpd, according to the U.S. Energy Information Administration.
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