Date: 4 months ago   Category: Financial

China began to buy up cheap Canadian oil


The Canadian oil is in demand in China because gives a significant amount of bitumen which is used in construction. The Chinese oil processing enterprises against the background of increase in prices for reference brands of oil began to buy up cheap Canadian oil actively. The Bloomberg agency on Thursday, October 11 reports about it. Heavy and viscous oil from Canada in the course of processing gives a significant amount of the bitumen best-selling in China where there is a large-scale construction of infrastructure facilities. First of all, replace with the Canadian oil raw materials, similar in characteristics, from Venezuela which this year sharply reduced production and export of oil. Besides the Canadian oil, China also looks for alternatives to the Venezuelan deliveries in Brazil. Unlike other regions of the world where prices of oil raise, growth of production in Canada led to falling of quotations on the local WCS brand to $26 for barrel. Brent oil on Thursday fell in price up to $81,5 for barrel, WTI - up to $72 for barrel. According to the analyst of consulting company SCI99 Li Haynin, at the end of September and October construction projects in China become more active therefore it is necessary to expect further strengthening of demand for the Canadian oil. In September China bought in Canada in total 1,58 million barrels of oil, data of the company Kpler monitoring the movement of freights demonstrate. In April the indicator was 1,5 times less - 1,05 million barrels. Let's note, in September supply to China of the American oil stopped. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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