China buckles in trade war: No tariffs on U.S. crude imports

Beijing removed U.S. crude oil from the list of goods targeted in new Chinese tariffs shortly after China’s top refiners began shunning American supplies due to forthcoming tariffs, Bloomberg reports. China, the world’s largest oil buyer, had recently been taking advantage of booming U.S. output while avoiding riskier suppliers like Iran and Venezuela. China’s top refiner, Sinopec, was also embroiled in a price dispute with Saudi Arabia. The Bloomberg article states the American oil market has become too big to ignore and cites an industry consultant as saying the U.S. will remain the main source of incremental crude production globally.

 

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