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View Full Version : America’s second-largest oil client, China halts all oil imports from US




goldenequity
10-04-2018, 12:07 PM
China halts all oil imports from US amid escalating trade war
https://www.rt.com/business/440296-us-china-oil-imports/
America’s second-largest oil client, China, has completely stopped buying crude from the United States

"We are one of the major carriers for crude oil from the US to China.
Before [the trade war] we had a nice business,
but now it’s totally stopped,” Xie Chunlin, the president of CMES, said on the sidelines
of the Global Maritime Forum’s Annual Summit in Hong Kong, as quoted by Reuters.

“It’s unfortunately happened, the trade war between the US and China. Surely for the shipping business, it’s not good,”

He added that the trade war was also forcing China to diversify its soybean supplies.
Beijing is now buying most of its soybeans from South America.

China’s crude oil imports from America reached an average of 334,880 barrels per day through August,
making Beijing the second-largest buyer of US oil after Canada.

In fact, China may be the largest buyer of American crude
since much of the oil imported by Canada is re-exports –
(Canadian crude that briefly crosses into the US on pipelines before re-entering Canada.)

China buys most of its crude from Russia, with imports soaring from 665,000 bpd in 2014 to 1.2 million bpd last year.
Beijing’s other major suppliers are Saudi Arabia and Iran.

Brian4Liberty
10-04-2018, 12:13 PM
And the business goes to competitors in Russia and Iran. We know what comes next.

So oil prices will go down in the US, and go up in China. Isn’t that how this works?

goldenequity
10-04-2018, 12:27 PM
US export oil sales are technically 2 million barrels per day (bpd). (or were...)
but some of that is just paper shuffle... like the Canadian 're-export'.

homahr
10-04-2018, 12:35 PM
Time to force India to buy US oil and give up Iranian oil.

phill4paul
10-04-2018, 01:01 PM
Since some posters here still seem to think that "peak oil" is just around the corner, all these decades later, perhaps we should just keep it.

nikcers
10-04-2018, 02:04 PM
Is this the real reason why they replaced Rex Tillerson with Mike Pompeo? Was this something the CIA could of predicted?

goldenequity
10-05-2018, 01:24 PM
Time to force India to buy US oil and give up Iranian oil.

Trump Sanctions Dumped: India Continues Importing Usual Volume of Oil from Iran
https://sputniknews.com/business/201810051068634399-india-iran-oil-import/
Indian oil refiners have placed a contract for 1.25 million metric tons of Iranian crude to be delivered in the month of November.
By contrast, Indian refiners have made a drastic reduction in their use of US crude in September;
according to traders and shipping intelligence firm Kpler.
https://cdn2.img.sputniknews.com/images/106719/93/1067199323.jpg

New Delhi is preparing to replace dollar payments with Indian rupees, according to top industry sources.

Trump's National Security Adviser John Bolton told reporters at a news briefing on Thursday:
"This is not the Obama administration… is my message to them (the importers including India),"
"The frequency and the ease of getting waivers and exemptions is not going to be our policy," Bolton added.
https://imgfast.net/users/3715/65/05/91/smiles/2223644942.jpg

homahr
10-05-2018, 01:27 PM
^^^^

https://media1.tenor.com/images/d44ea8bbc007e5074d987278092f62c5/tenor.gif?itemid=4040641

spudea
10-05-2018, 08:36 PM
We've only been exporting oil since the ban was lifted in 2015 so I think we'll be fine, plenty of other buyers.

goldenequity
10-05-2018, 09:35 PM
'Death by a thousand paper cuts'

devil21
10-05-2018, 09:48 PM
And the business goes to competitors in Russia and Iran. We know what comes next.

So oil prices will go down in the US, and go up in China. Isn’t that how this works?

Not really. Our relatively low oil prices have been directly tied to dollar reserve status since our price inflation has been exported to the rest of the world. There's no evidence whatsoever that domestic production of anything means lower prices at home. In fact, the opposite tends to hold true.

AZJoe
10-06-2018, 07:46 AM
And the business goes to competitors in Russia and Iran. We know what comes next.


Dedollarization. Speedup the ending of the petrodollar. Another nail in in the coffin of the Dollar reserve status.
Making US sanctions and dollar hegemony more irrelevant.

AZJoe
10-06-2018, 07:57 AM
So oil prices will go down in the US, and go up in China. Isn’t that how this works?

Yes, trade wars backfire. They backfire for China just like they do the U.S.
For China the damage from this battle action will be minor if any however thanks to Washington's other trade sanctions. Thanks to Washington's trade war sanctions on Russia and Iran and its imposed embargo on Iran, neither country is likely to increase its oil prices despite the increased demand. Iran really can't raise its prices. Thanks to Washington sanctions Iran is nowhere near saturation level of its exports, but artificially substantially suppressed. Thanks to Washington sanctions, Both Russia and Iran have political, tactical, strategic, divestment, investment and future opportunity reasons to continue to keep their prices low and most competitive.

Jamesiv1
10-06-2018, 08:47 AM
If you want to make an omelette, you got to break a few eggs.

nikcers
10-06-2018, 09:10 AM
4d chess, this just more divestment from China, something that Trump wanted anyways, this is probably an intended outcome based on previous actions. I wonder if they are trying to redirect China's kamikaze economy towards Iran.

Brian4Liberty
10-06-2018, 09:40 AM
Dedollarization. Speedup the ending of the petrodollar. Another nail in in the coffin of the Dollar reserve status.
Making US sanctions and dollar hegemony more irrelevant.

I’m thinking that long before that happens, there will be another round of demonization of Russia and Iran. Maybe another false flag incident somewhere to really put it in overdrive.

enhanced_deficit
10-07-2018, 05:55 PM
Time to force India to buy US oil and give up Iranian oil.

The way MAGA policies have treated Indian currency, it is unlikely that India would stop buying oil from Iran.


https://www.cnn.com/2018/10/05/economy/reserve-bank-india-rupee/index.html

Rupee crashes past 72: If the American hand continues, Indian currency can drop to 75 to a dollar

Sep 11, 2018
note: The Indian rupee has crashed past the 72-mark against US dollar and continues to be on a roller coaster ride. The sudden fall has caught the government and central bank off-guard. High volatility in global crude oil prices and ballooning current account deficit figures back home have been blamed for Rupee's free fall. Does rupee at 72 rings alarm bells to the Indian economy or is there an opportunity in the currency crisis as the Narendra Modi government claims? This is the fourth part in a series in Firstpost where experts examine the economic impact of the Rupee's fall.

Jamesiv1
10-07-2018, 06:10 PM
Good opportunity to develop transportation using alternative fuels. Winning!

Swordsmyth
10-15-2018, 08:07 PM
U.S. oil exports overall are still strong despite China’s choice to throttle back its consumption. The U.S. oil industry has increased shipments to Europe, Latin America and other Asian countries, breaking into new markets and increasing its market share in others.

“Even though China decides that they’re not going to buy from us, it doesn’t mean that export demand — just because of that one decision — drops,” Magellan Midstream Partners L.P. chief executive Mike Mears told WSJ. “More barrels will go to Europe, and more barrels will go to Latin America.”

More at: https://www.infowars.com/american-oil-producers-remain-strong-despite-china-ban/

Zippyjuan
10-16-2018, 09:31 AM
And the business goes to competitors in Russia and Iran. We know what comes next.

So oil prices will go down in the US, and go up in China. Isn’t that how this works?

They are getting more from Africa to replace US sources. The US imports 1.4 million barrels a day while China was buying about 500,000 a day from us.

Swordsmyth
11-01-2018, 05:28 PM
China’s imports of Iranian crude dropped in September both compared to the same month last year and to August, while crude oil imports from the U.S. doubled year-on-year in September despite the trade war, according to data from China’s General Administration of Customs, carried by Reuters (https://af.reuters.com/article/commoditiesNews/idAFL3N1XC3BN).

More at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Iran-Oil-Intake-Slumps-Imports-From-US-Double-In-September.html

/Thread