China Becomes Canada’s Biggest Crude Customer Thanks to Trans Mountain

Group 1 - Canadian oil exporters are diversifying their markets, with China emerging as a significant buyer due to trade disputes with the U.S. and the expanded Trans Mountain pipeline [1][2] - The Trans Mountain pipeline's new capacity of 890,000 barrels daily has led to an increase in shipments to China, averaging 207,000 barrels daily compared to 173,000 barrels to the U.S. [2] - October is projected to see record flows of Canadian oil to China, with 70% of oil cargoes from British Columbia heading to China, marking an all-time high for the first half of any month [3][4] Group 2 - China, the world's largest oil importer, is capitalizing on lower prices to stockpile crude oil, including Canadian oil, alongside discounted Russian and Iranian crude [5] - The average stockpiling rate for China this year is estimated at 990,000 barrels daily, which may decrease to around 500,000 barrels daily next year, depending on price trends [6] - China is expanding its oil storage capacity with 11 new sites expected to be built, adding approximately 169 million barrels of capacity, equivalent to two weeks of crude oil imports [7]