China’s imports of Canadian oil are set for a record October, exceeding 5 mn bbl so far.
70% of Vancouver shipments are heading to China as it reduces reliance on US crude.
Canadian heavy crude prices have strengthened on Asian demand.
Vancouver crude now trades at a premium to Texas-loaded Canadian barrels for the first time since 2024.
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China’s crude imports from Canada are on track for a record month in October, as Chinese refiners pivot away from US supplies amid escalating trade tensions, according to Vortexa ship-tracking data. Report comes via Bloomberg.
Nearly 5 million barrels of crude have departed Vancouver so far this month — the highest volume for the first half of any month on record. More than 70% of those cargoes are bound for Chinese ports, with most of the rest heading to the US West Coast or trans-shipment points near Los Angeles.
Chinese buyers have been stockpiling foreign crude at more than 500,000 barrels a day, taking advantage of steep discounts on Russian and Iranian oil while diversifying supply sources. The latest uptick in Canadian shipments comes after Beijing imposed retaliatory port fees on US-linked vessels, raising freight costs for American crude.
Rising Asian demand has strengthened Western Canadian Select (WCS) crude, which was trading at a $10.20 discount to WTI on Thursday — the narrowest since July, despite seasonal weakness in Q4.
