Chinese enterprises buy cheaper Canadian oil

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China is looking for an alternative to oil from Venezuela, the production and exports of which have declined sharply this year. Chinese refiners are considering the possibility of deliveries from Brazil, but for now they are actively buying Canadian oil, which is much cheaper than the benchmarks growing in price, Bloomberg reports. Canadian oil also attracts Chinese enterprises because it produces a significant amount of bitumen in the refining process, which is necessary for the large-scale construction of infrastructure facilities in China. Due to the growth in Canadian production, the Canadian WCS oil quotes fell to $26 a barrel. According to Kpler, oil supplies from Canada to China in September amounted to 1 million 580 thousand barrels, which is 1.5 times more than in May.

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