Market Chatter: China Diversifying Oil Purchases Ahead of Trump Visit
China is diversifying its crude oil sources to include the U.S. to boost its energy security ahead of the visit of President Donald Trump to Beijing, Nikkei Asia reported Wednesday.For instance, China is poised to receive a shipment of oil from Iran via Indonesia, the report said.Before the war, China purchased about 90% of Iranian oil via third countries such as Malaysia, but in recent months, China-bound Iranian oil is believed to be transferred ship-to-ship off Malaysian and Indonesian waters, the report said.While China is purchasing Iranian oil, Beijing is also trying to gain leverage over the Washington by buying U.S. oil, the report said.Beijing is avoiding tapping into its strategic reserves to ensure it is not used against them in negotiations, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)