Opinion

President XI Likely to Keep Crude Tariffs Sidelined

Posted by OilVoice Press - OilVoice

17-Aug-2018


Although there is no off-ramp in sight for the trade war between the U.S. and China, stability and energy security are more important for the Chinese leadership than the need to ‘win' the trade war with the U.S., according to ESAI Energy's latest ChinaWatch report. 

The first version of the $16 billion list of products facing the latest Chinese tariffs included crude, fuels and other petroleum products. China's imports of U.S. crude oil have, until recently, been over 400,000 b/d, close to 5 percent of China's total crude imports. This volume was removed from the final version of the $16 billion list.

At a high-level meeting on July 31, Xi Jinping stressed that the policy priority for the second half of the year was to ensure stability of employment, the financial system, foreign trade, foreign and domestic investment, and market expectations. The meeting was held amid rumors of rifts within China's Communist Party (CCP) leaders caused by the trade war.

A trade war is clearly not part of Xi's plan to fulfill his promise for China's transition to a consumption and innovation-led economy that is more equal, prosperous, sustainable at home and influential worldwide. Furthermore, he wants to avoid tensions between China and the U.S. escalating and evolving into confrontations beyond trade. No one knows what that would look like, but the government will surely try to avoid it. “Over the years, Beijing has consistently tried to prevent any instability that could put the CCP's rule at risk. Mr. Xi is no exception,” points out Asia Energy Analyst, Amrit Naresh.

ESAIESAI EnergyChinaTradeTrade WarUnited StatesCrudeCrude TariffsPresident XiTariffs

More items from oilvoice


Gazprom and LUKOIL Preparing to Set Up Joint Venture to Develop Vaneyvisskoye and Layavozhskoye Fields

Alexey Miller , Chairman of the Gazprom Management Committee, had a working meeting with Vagit Alekperov, President of LUKOIL. The parties discussed current issues related to bilateral cooperation, including the development project for the Vaneyvisskoye and Layavozhskoye fields in the Nenets Auto ...

OilVoice Press - OilVoice


Posted 1 day agoPress > GazpromLUKOILjoint venture

For One Week in November, the U.S. Was a Net Exporter of Crude Oil and Petroleum Products

Source: U.S. Energy Information Administration, Weekly Petroleum Status Report During the week ending November 30, 2018, the United States exported more crude oil and petroleum products than it imported for the first time in weekly data going back to 1991. From November 24–30, the United S ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > USAUnited StatesExporter +4

Australia: in Line With its Discipline on Capital Allocation, Total Reduces its Stake in Ichthys LNG by 4%

Total has signed an agreement to divest a 4% interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of 1.6 billion USD. The transaction, which is subject to Australian regulatory approvals, reduces Total's interest in the ass ...

OilVoice Press - OilVoice


Posted 2 days agoPress > TotalDivestmentAustralia +4

NPD: Dry Well and Minor Oil Discovery Southwest of the Vega Field in the North Sea – 35/10-4 S and 35/10-4 A

Equinor Energy AS, operator of production licence 630, has completed the drilling of wildcat wells 35/10-4 S and 35/10-4 A. The wells were drilled about ten kilometres southwest of the Vega field in the northern part of the North Sea. The primary exploration target for well 35/10-4 S was to prov ...

OilVoice Press - OilVoice


Posted 2 days agoPress > NPDNorwegian Petroleum DirectorateNorway +10

EPA Finalizes Renewable Fuel Standard for 2019, Reflecting Cellulosic Biofuel Shortfalls

Source: U.S. Energy Information Administration, based on U.S. Environmental Protection Agency's Renewable Fuel Standard program On November 30, 2018, the U.S. Environmental Protection Agency (EPA) issued a final rule for the 2019 Renewable Fuel Standard (RFS) program , with the total U.S. ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > EPAEIAEnergy Information Administration EIA +2
All posts from oilvoice