U.S. Crude Oil Exports To China Zero Out | WHAT REALLY HAPPENED


U.S. Crude Oil Exports To China Zero Out

It wasn't just U.S. soybean exports that encountered some serious shenanigans in August 2018 as part of China's trade war strategy with the United States. International U.S. trade data indicates that U.S. crude oil exports to China also collapsed during the month. In this case, all the way to zero.

Unlike what happened with soybeans, however, U.S. crude oil shipments didn't get diverted to another nation, but instead, never left the U.S. The following chart shows the value of U.S. crude exports to the world, to China, and to the world excluding China in the period since the U.S. government lifted a 40-year oil ban on the export of crude oil from the United States in mid-December 2015, where since the end of 2016, U.S. crude oil exports to China have made up 20-25% of the nation's total exports to the world on average.

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