2019-08-26 15:40:00
CHINA FOR U.S. OIL: +5%
OGJ - China has announced a 5% tariff on imported US crude oil in retaliation for US President Donald Trump's recent escalation of the countries' trade war.
Crude oil is on a new list of goods worth about $75 billion subject to tariffs as high as 10%, some taking effect Sept. 1 and others Dec. 15.
Timing of the Chinese tariffs matches that of Trump's two-phase round announced Aug. 1 on about $300 billion worth of goods. The new US round will make almost all Chinese imports by the US subject to new or increased duties.
In June 2018, China had listed crude among products subject to duties retaliating for an earlier round of US tariffs but replaced it with other goods when the round took effect last August.
China imposed a tariff of 10% on US LNG in September 2018 and increased the rate to 25% in May.
US crude oil exports to China in May averaged 247,000 b/d, according to the US Energy Information Administration.
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Earlier:
2019, August, 23, 11:05:00
U.S., UK, AUSTRALIA CAN CLOSE HORMUZ
Foremost among the areas to be patrolled is the Strait of Hormuz, between Oman and Iran, through which about one-fifth of the world’s seaborne crude flows out of the Gulf.
2019, August, 21, 12:30:00
U.S. OIL, GAS PRODUCTION UP
U.S. petroleum and natural gas production increased by 16% and by 12%, respectively, in 2018, and these totals combined established a new production record.
2019, August, 19, 11:45:00
WORLD OIL DEMAND WILL UP BY 1.14 MBD
Total oil demand for the year is now anticipated to reach 99.92 mb/d. For 2020, world oil demand is expected to grow by 1.14 mb/d, in line with last month’s projection, with total world consumption anticipated to average 101.05 mb/d.
2019, August, 14, 12:20:00
CHINA'S OIL THROUGHPUT UP 5.6%
For the first seven months of 2019, Chinese crude throughput rose 5.6% from a year earlier to 369.73 million tonnes, or 12.73 million bpd, the NBS reported.
2019, August, 13, 13:25:00
U.S. PRODUCTION: OIL + 85 TBD, GAS + 729 MCFD
U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 85,000 b/d month-over-month in August from 8,683 to 8,768 thousand barrels/day, gas production to increase 729 million cubic feet/day from 80,866 to 81,595 million cubic feet/day .
2019, August, 8, 11:20:00
CHINA'S OIL IMPORTS UP 14%
China's arrivals of crude oil last month were 41.04 million tonnes, equivalent to 9.66 million barrels per day (bpd)
2019, August, 2, 11:45:00
U.S., CHINA TRADE: $300 BLN AGAIN
The US will impose a 10% tariff on the remaining $300 billion worth of Chinese goods September 1, when trade talks between the two countries resume, President Donald Trump said Thursday.
