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China stopped import oil and gas from the United States
Dec 03, 2018

Russian media said the data showed that China's imports of crude oil and liquefied natural gas from the United States had dropped to zero in October. Meanwhile, Russia's crude oil supply to China has reached an all-time high. As a result, the world's largest oil and gas importer closed its market to the United States.

According to the Russian news agency on November 29, the potential loss of the Chinese market to the United States is billions of dollars.

Reported that last year, Beijing imported about 3.6 million tons of liquefied natural gas from the other side of the Pacific, making the United States the second largest supplier of liquefied natural gas to China after Australia, squeezing Qatar to the third place.

But in 2018, U.S. LNG exports to China plummeted, to less than 1 million tons in August (2.1 million tons in the same period in 2017). Meanwhile, from January to October this year, China's natural gas imports increased by 33%, and as for crude oil, Beijing's average daily imports in October reached a record 9.7 million barrels. Russia and Saudi Arabia are the main suppliers of crude oil, while Australia, Qatar and Malaysia are the main suppliers of liquefied natural gas.

Reported that China stopped importing liquefied natural gas and crude oil from the United States in October as a result of the trade war between Washington and Beijing.

Trump's government has strengthened pressure on Beijing by trusting experts'assurances that the trade war will not affect the energy market.

China also treats others in the same way. And contrary to Washington analysts'expectations, fuel supply has not been spared.

Andy Kalitz, CEO of Canadian Liquefied Natural Gas Corporation, said: "Beijing's actions will lead to difficulties for American companies. Tariffs have significantly reduced the competitiveness of liquefied natural gas in the United States.

Reported that the loss of the Chinese market will hit U.S. producers, because China is the world's most promising natural gas buyers. Last year alone, its natural gas consumption increased by 14.8% to 238.6 billion cubic meters. In 2018, the target is expected to increase to 270 billion cubic meters. In 2017, China accounted for about 15% of U.S. LNG exports.

In addition, China is the second largest market for U.S. crude oil (after Canada). In May this year, for example, Beijing imported 427,000 barrels a day from the United States. Finding alternative markets is difficult for U.S. fuel exporters.

Reported that the U.S. oil industry is also nerve-racking. Beijing also suggested in May that state-owned refineries buy more U.S. crude oil to diversify their supply channels. But the trade war changed everything.

It is reported that Beijing intends to continue importing resources from Iran after refusing US crude oil. But Russia remains the largest exporter of crude oil to China. In the first 10 months of 2018, China's imports of Russian crude oil increased 16.6% year-on-year, to 1.39 million barrels a day. In October 2018, imports grew 58% year-on-year, reaching 1.73 million barrels a day, a record. Bloomberg News Agency pointed out that Russia would supply more oil to China after Beijing refused to import from the United States.


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