“This escalation of the U.S.- China trade war is another step in the wrong direction, the consequences of which will be felt by American businesses and families,” said Kyle Isakower, API’s Vice President of Regulatory and Economic Policy. “In addition to the impacts on the U.S. economy and jobs, U.S. energy leadership and global competitiveness are threatened as U.S. natural gas and oil exports continue to serve as targets for retaliation.”

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.

David Koch, the industrialist and libertarian who used his fortune to transform American politics while also donating more than $1 billion to philanthropic causes, has died. He was 79.

Moody's has lowered the outlook for the North American coal industry to negative from stable, the rating agency says in a new report.

U.S. Rig Count is down 19 rigs from last week to 916, with oil rigs down 16 to 754, gas rigs down 3 to 162, and miscellaneous rigs unchanged at 0. U.S. Rig Count is down 19 rigs from last week to 916, with oil rigs down 16 to 754, gas rigs down 3 to 162, and miscellaneous rigs unchanged at 0.

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.

Rosneft, which produces around five percent of the world’s oil, is now taking care of shipping and marketing operations for the bulk of Venezuelan oil exports, ensuring that PDVSA can continue to supply buyers.

Woodfibre LNG, a subsidiary of Singapore-based Pacific Oil and Gas Ltd., is finalizing its engineering, procurement and construction contract, which company president David Keane expects to sign “at the end of the summer or shortly thereafter” before construction begins on the LNG export facility in Squamish, British Columbia.

U.S. energy firms had interests in the South China Sea and Washington was “committed to bolstering the energy security of our partners and allies in the Indo-Pacific region and in ensuring uninterrupted regional oil and gas production for the global market.”U.S. warships have conducted periodic “freedom of navigation” operations in the South China Sea to challenge China’s claim to nearly all of the strategic waterway.

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.

U.S. LNG exports set new records in June and July 2019 at 4.8 Bcf/d and 5.2 Bcf/d, respectively,

Total U.S. petroleum demand averaged 20.8 million barrels per day (mb/d) in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005,

The sum total in June of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $1.7 billion. Of this, net foreign private inflows were $6.1 billion, and net foreign official outflows were $4.5 billion.

U.S. Rig Count is up 1 rig from last week to 935, with oil rigs up 6 to 770, gas rigs down 4 to 165, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 2 rigs from last week to 142, with oil rigs up 7 to 101 and gas rigs down 5 to 41.

The US is set to impose sanctions on Rosneft if it continues to trade crude oil and fuel with Venezuela's PDVSA in exchange for debt repayments and stakes in joint venture projects in the South American nation,