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CHRISTMAS IN WINE OF CARINA: China has abandoned oil and gas imports from the United States of America



NovostiOnline |

November 30, 2018 18:57 |

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In October, China lowered oil imports and liquefied natural gas from the United States to zero, according to China's Chief Customs Administration. At the same time, Russian oil delivery reached its maximum

In October, China lowered oil imports and liquefied natural gas from the United States to zero, according to China's Chief Customs Administration. At the same time, Russian oil delivery reached its maximum.

Sputnik explains how this has happened that the world's largest hydrocarbon importer has closed its market for Americans.

IMPORTANT MARKETS

Potential losses due to the loss of the Chinese market for Americans are estimated at $ 1 billion a year.

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Last year, Beijing imported about 3.6 million tons of US natural gas through the ocean, making the United States the second largest exporter of fuel in China, pushing Qatar to third place (2.7 million tons). The first is Australia with 4.8 million tons.

According to estimates by Thomson Reuters, last year the supply of liquefied natural gas to China brought about $ 1 billion a month to US exporters.

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The US natural gas exports to China declined steadily during 2018, and did not reach a million tons by August (compared with 2.1 million in the same period of 2017). In addition, China has increased gas imports by 17 percent, and in terms of oil, China's record-breaking 9.7 million barrels a day in October. The main suppliers of black gold in the country were Russia and Saudi Arabia, and liquid gas – Australia (2.27 million tons in October), Qatar (960,000 tons) and Malaysia (496,000 tons).

ALL HOW TO DO

In October, the suspension of natural gas and oil imports from the United States was the result of a commercial war between Washington and Beijing. Regardless of the increase in tariffs, US companies have continued to increase fuel delivery in China.

Believing the belief that trade war would not affect the energy market, the Trampa administration increased pressure on Beijing. In September, Washington imposed 25 percent to more than three hundred Chinese products.

The Chinese also responded by increasing the import tariffs. The largest oil-processing company in Asia, Sinopek, China stopped buying black gold in the United States, and Beijing imposed 10 percent of US natural gas.

Chinese official Wang Shouwen then warned that Washington would face "difficulties" in the supply of liquid gas. And he was not joking. A month later, Beijing stopped completely buying American natural gas.

DAY CHANGE THE IDE

US analysts and market players admitted: Projects worth billions are under threat.

"Beijing's actions will bring American companies to stumble," said LNG Canada leader Andy Kalic. According to him, import duties have significantly reduced the competitiveness of US natural gas.

Loss of the Chinese market will be a tough hit with US manufacturers, given that China is the most promising natural gas buyer in the world.

In addition, China is the second-largest consumer of US oil after Canada. So in May, Beijing from the US entered 427,000 barrels of black gold a day.

US fuel exporters will find difficult to find alternative markets, especially if natural gas is concerned, as neither Japan nor South Korea will be able to significantly increase the purchase.

NAFTA FROM RUSSIA AND IRAN

US oil companies will also have to imagine. In May, Beijing recommended state refineries to buy more oil in the United States to change supplies. But trade war has changed.

After withdrawing from US oil, Beijing intends to continue importing hydrocarbons from Iran. In October last year, deliveries of Iranian oil in China were reduced by 64 percent to 1.04 million tons. However, China is placed on the list of countries Washington has withdrawn, and imports have increased in November.

However, Russia is still the largest oil supplier in China. In one year, imports rose 58 percent to 7.347 million tons (1.73 million barrels per day), a historic record.

It seems that the greatest fears of Western analysts are realizing. Russia is already a key player in the Chinese oil market, and after Beijing left the US, China will deliver more gold to China, according to Bloomberg.

sputniknews.com


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