China Slashes US Oil Imports By 90% Amid Trump Tariffs, Turns To Canada Instead - Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM)
1. China's U.S. oil imports have dropped 90% since 2023. 2. Canadian crude imports from China reached 7.3 million barrels in March. 3. Trans Mountain Pipeline Expansion increased Canada's oil export capacity significantly. 4. Structural shifts in North American oil markets affect companies like XOM. 5. China refineries benefit from cheaper Canadian crude due to trade tensions.