U.S. crude oil exports to China grew by 139 percent on the year in July thanks to bargain hunting among Chinese buyers, making the U.S. the fifth-largest supplier of oil to the critical Chinese market. Reuters reports that the United States exported a daily average of over 866,000 barrels daily, based on a conversion factor of 7.33 barrels per 1 metric ton of crude. This increase boosted the total U.S. imports to China over the first seven months of the year by 31.5 percent on the respective period of 2019 to 4.8 million tons, or a monthly average…
