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The ongoing trade tensions between the United States and China is not bearing well for the U.S. oil companies, which initially witnessed a surge in oil imports from China as the Chinese government worked to please the U.S. President Donald Trump by increasing imports of oil and products in order to reduce the trade deficit.
However, according to data from JODI, after receiving more than 15 million barrels of oil from the United States in June period and receiving 12 million barrels of crude oil in July, Chinese imports of U.S. crude has come to a grinding halt in August for the first time in two years.
This year, the United States and China have imposed tariffs on $360 billion worth of bilateral trade already and the trade tensions are still brewing.
