Space Travel News  
OIL AND GAS
China puts U.S. energy in the cross hairs of trade war
by Daniel J. Graeber
(UPI) Jun 18, 2018

The U.S. energy market was dealt a significant blow by Chinese tariffs because it has few other outlets as big as China for oil exports, analysts said Monday.

China last week responded to U.S. trade decisions by saying it would strike back with duties on U.S. exports, including oil. Commentary published Sunday in the official Xinhua News Agency criticized U.S. President Donald Trump for trade action it said would isolate the world's largest economy.

"If Washington is unable to stop its capriciousness, which costs the interests of people of both countries, reciprocal tariffs are the leverage China has no choice but to use," it read.

First quarter crude oil exports to China averaged around 300,000 barrels per day. The U.S. Energy Information Administration reported a four-week moving average for crude oil exports for the week ending June 8 of 1.9 million bpd, up 139 percent from the same period last year

Analysis emailed to UPI from consultant group Wood Mackenzie found China has alternative suppliers apart from the United States.

"While China could secure the crude from alternative sources such as West Africa which has similar quality as the U.S. crude, the United States would find it hard to find an alternative market that is as big as China," Suresh Sivanandam, a senior manager for Asia refining at Wood Mackenzie, said in a statement.

Xinhua reported Monday that the Chinese industrial sector was accelerating. That growth resulted in an increase in energy consumption last month.

The National Security Strategy unveiled last year by the U.S. president included energy as one of its central pillars. The Trump administration said in the doctrine it would promote energy exports, increased markets access and a competitive U.S. edge.

Congressman Ted Poe, R-Texas, the chairman of a terrorism subcommittee in the House of Representatives, said the United States could use its energy as a "force multiplier" for U.S. leverage overseas. Energy trade, meanwhile, could balance a trade deficit between the world's two largest economies.

China did not, however, target liquefied natural gas. Nicholas Browne, Wood Mackenzie's lead analysts on gas in the Asia-Pacific market, said trade restrictions on U.S. LNG would backfire for a Chinese economy looking to chart a greener future.

"It would also have created logistical headaches for suppliers to optimize their portfolios to ensure they could meet Chinese demand while redirecting U.S. LNG to other markets," he said.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Equinor seals the deal offshore Brazil
Washington (UPI) Jun 15, 2018
Equity production from offshore Brazil more than doubles after the completion of an acquisition in the Campos oil basin, Norwegian company Equinor said. Equinor, formerly known as Statoil, said Friday it completed a transaction with Brazilian company PetrĂ³leo Brasileiro, or Petrobras, for a 25 percent stake in the Roncador oil field in the Campos basin off the Brazilian coast. Announced in December, the $2 billion deal included $550 million in contingent payments for projects meant to b ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
OIL AND GAS
Opportunity rover sends transmission amid Martian dust storm

Mars rover Opportunity hunkers down during dust storm

More building blocks of life found on Mars

Curiosity rover finds organic matter, unidentified methane source on Mars

OIL AND GAS
Thank the moon for Earth's lengthening day

SpaceX delays plans to send tourists around Moon: report

Moonwalking astronaut-artist Alan Bean dies at 86

Chinese relay satellite brakes near moon for entry into desired orbit

OIL AND GAS
NASA shares more Pluto images from New Horizons

Juno Solves 39-Year Old Mystery of Jupiter Lightning

NASA Re-plans Juno's Jupiter Mission

New Horizons Wakes for Historic Kuiper Belt Flyby

OIL AND GAS
Chandra Scouts Nearest Star System for Possible Hazards

Researchers discover a system with three Earth-sized planets

Researchers discover multiple alkali metals in unique exoplanet

The Clarke exobelt, a method to search for possible extraterrestrial civilizations

OIL AND GAS
US Senate introduces measure to upgrade defense against hypersonic threats

First Engine Assembled for DARPA and Boeing Reusable Experimental Spaceplane

Russian Reusable Space Rocket Tests Scheduled for 2022

Lockheed Martin Wins Potential $928 Million Contract to Develop New Hypersonic Missile for the Air Force

OIL AND GAS
China confirms reception of data from Gaofen-6 satellite

Experts Explain How China Is Opening International Space Cooperation

Beijing welcomes use of Chinese space station by all UN Nations

China upgrades spacecraft reentry and descent technology

OIL AND GAS
What it takes to discover small rocks in space

Tiny asteroid first discovered Saturday disintegrates over Africa

NEOWISE Thermal Data Reveal Surface Properties of Over 100 Asteroids

Dawn mission enters new orbit ahead of new opportunities









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.