US crude exports to China plunged by almost half this year as shifts in the nation’s economy weighed on demand and it bought more barrels from other countries including Russia and Iran, according to Bloomberg, Report informs.
Exports of US oil to China plunged to 81.9 million barrels over the course of the year, down 46% from 150.6 million barrels last year, according to data from Kpler. That knocked China down to the sixth-largest buyer of US crude, from second last year.
China’s slowing economic growth and its increasing use of electric vehicles and energy sources such as liquefied natural gas are reducing the country’s appetite for crude, with its imports from all nations sliding 7.2% from a year earlier, Bloomberg said. That softening demand in China has helped drive global oil prices lower this year, and the outlook for 2025 is a top focus for the market.