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OPEC & Global Markets
China’s US Imports Set To Jump After Trade Truce
07 Dec 2018
*The US leapt from nowhere to become China’s ninth largest crude supplier with 363,000 b/d for the first half of 2018 (ahead of Venezuela with 346,000 b/d).
*But volumes, as measured by the US export stats, fell to zero from August amid escalating tit-for-tat trade tariffs (see chart 1). China in September imposed a 10% tariff on US LNG and threatened similar measures against crude and other oil shipments. China had threatened to increase the LNG tariff to 25% from 1 January in response to US threats to hike the tariff on Chinese goods to 25% from the same date. Though the tariff on LNG remains for now, the threat that it would be raised, or extended to crude, has receded.
*The absence since October of what had been a regular 300-400,000 b/d of US crude and condensate to the Chinese market helped boost alternate suppliers. China...
US Oil Exports To China ('000 B/D)