The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments.
Refiners in China were the top buyers of American crude oil in May, and have been regular importers since the US revived domestic output and exports in recent years. But sales may slow amid a growing trade war between Beijing and the Trump Administration.
“If China imposes tariffs, their refineries won’t buy US crude since it would cost more,†Sandy Fielden, director of research for commodities and energy at Morningstar Inc., said by telephone. “US sellers would have to find alternative buyers.†One option could be more shipments to India, which already has been buying more US crude.