China Trade Battle Heats Up = Are Beijing Tariffs on US Crude Next?

India’s oil imports from Iran surged after US sanctions were lifted in 2015

President Donald Trump used Twitter on Wednesday (July 4) to express his frustration with high U.S.

It is now trying to negotiate a waiver from the USA sanctions, but judging by the State Department's stated goal to reduce Iran's crude oil exports to zero, success is uncertain.

Outside North America, looming US sanctions against major oil exporter Iran were the focus of attention.

Last month, members of the Organization of the Petroleum Exporting Countries cartel agreed to pump 1 million barrels more crude oil daily, a move that should help contain the recent rise in global energy prices.

So far this year, the price of Brent crude oil, which is used as the global benchmark price, has risen by 20 percent to about $78 per barrel.

Spare capacity, especially from OPEC countries, is an important measure by analysts to determine major oil exporters' ability to respond to rising demand.

Steely Uruguay ready for Mbappe-fired France
Uruguay are so good defensively, and if they can put the stops on Kylian Mbappe then they stop France . And he has also insisted that he is happy to cede possession to France in a bid to make the last four.

Iran announces plan to circumvent U.S. oil sanctions
The price for Brent crude oil , the global benchmark for the price of oil, was up 1.32 percent as of 9:15 a.m. Off-topic, inappropriate or insulting comments will be removed.

Kirk Cousins had amusing reaction to DeMarcus Cousins signing with Warriors
If he returns and excels and helps the Warriors win a championship, he'll return to the free agent market in line for a big deal. According to Basketball Insiders' Alex Kennedy, one player didn't even believe him when he broke the news.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile United States action. Despite that key member Saudi Arabia is affirming that the group and its allies will boost output, Goldman Sachs Group Inc. warned that oil is likely to lead a new rally as the market faces significant supply risks from Venezuela to Iran.

Michael Armstrong, regional director for the Middle East, Africa and south Asia (Measa), FCA and Institute of Chartered Accountants in England and Wales (ICAEW), said due to surge in oil price, the UAE economy will bounce back in 2018 with growth accelerate from 1.5 per cent last year to 2.6 per cent this year.

China says it will retaliate, and U.S. President Trump said on Thursday he may ultimately impose tariffs on more than a half-trillion dollars worth of Chinese goods.

High oil prices make fracking more economically viable for the USA, now the third largest producer of oil worldwide. "We expect you to be more polite".

According to Commerzbank, OPEC now has just enough oil to meet global demands without Iran's supply.

Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon. However, the worldwide oil body's spare supplies are limited and "will not be enough if supply is additionally reduced by outages elsewhere", the bank said.

Related news:

Hot News

isis-killer-beheading-video-story-top Micron chip sales banned in China in patent dispute with Taiwan's UMC
Jul 07, 2018 - 04:01
The world DRAM market is led by Samsung Electronics with a market share of 45%, followed by SK Hynix (28%) and Micron (14%). UMC shares rose as much as 3.9 percent on Wednesday, before erasing a chunk of the gains to be up 1 percent.

isis-killer-beheading-video-story-top World powers back Iran oil exports despite USA sanctions threat
Jul 07, 2018 - 04:00
The list begins with an introduction that says: "The Iranian regime brought suffering and death to the world and its people". He said the package lacks workable solution and is a set of general commitments like the previous European Union statements.

isis-killer-beheading-video-story-top Pompeo in Pyongyang to flesh out summit deal
Jul 07, 2018 - 03:24
Prosperity and Peace teams formed with a mixture of North and South Korean women players play at a gym in Pyongyang, North Korea. The regime vowed to obtain a submarine capable of launching a long-range ballistic missile before the Trump-Kim summit.

isis-killer-beheading-video-story-top Trump Backs Rep. Jordan's Denial of Abuse Knowledge
Jul 07, 2018 - 03:22
Strauss's inappropriate touching of athletes was open knowledge, he said, and he remembered talking about it with Mr. An investigative team from Seattle-based Perkins Coie (coo-ey) emailed Jordan directly - but inaccurately - in May.

isis-killer-beheading-video-story-top What is JioGigaFiber? What are the services offered?
Jul 05, 2018 - 15:28
Today, Ambani announced the Jio Monsoon Hungama offer that lets you exchange your old JioPhone for a new one. The Jio GigaTV set-top box will come with over 600 movie channels, 1000s of movies and millions of songs.

isis-killer-beheading-video-story-top Trump Moves To Block China Mobile From U.S Market
Jul 05, 2018 - 15:03
Giving China Mobile access to the United States telecommunications market could lead to a spike in Chinese spying, it said. State-owned China Mobile applied to the US Federal Communications Commission (FCC) for a licence to do so in 2011.

isis-killer-beheading-video-story-top The U.S. Chamber of Commerce Is Fighting Trump's Tariffs with Facts
Jul 05, 2018 - 14:40
Investors walk in front of trading boards at a private stock market gallery in Kuala Lumpur, Malaysia, Tuesday, July 3, 2018. President Donald Trump that tariffs on imports of vehicles and automative parts would hurt not help the industry.

isis-killer-beheading-video-story-top Amazon Sets Date For Lucrative Amazon Prime Day Extravaganza
Jul 04, 2018 - 06:32
Other popular purchases from the last year's Prime Day included Nintendo Switch , Instant Pot and Bose Soundlink mini speaker . You can click the "Watch this Deal " button on any deal that's more than 10 minutes away to add it to your "Watching" list.

isis-killer-beheading-video-story-top England wins first ever World Cup shootout to reach quarters
Jul 04, 2018 - 04:00
The tournament hosts were stubborn and well-organised in their last-16 victory over ball-hoarders Spain on penalties. Davinson Sanchez has played day-in, day-out against all of the players likely to be in the England starting eleven.

isis-killer-beheading-video-story-top Trump orders US flags lowered in honor of Capital Gazette shooting victims
Jul 04, 2018 - 03:03
The president quickly issued a proclamation ordering the flags lowered nationwide until sunset on Tuesday (Wednesday NZT). CBS reported authorities said it was a planned attack and Ramos used smoke grenades when he entered the building.

isis-killer-beheading-video-story-top 5 reasons to love the LeBron James signing
Jul 04, 2018 - 02:49
The Lakers' next steps are unclear , and though James may be patient about building a contender, he's 33 years old. With his own production company SpringHill Entertainment, James' projects include a remake of "House Party".

isis-killer-beheading-video-story-top Illegal immigrant arrested for 78-square-mile Colorado fire
Jul 04, 2018 - 02:44
Quickly changing his story, he then said he didn't know how the fire started, according to arrest papers obtained Monday. No historic sites or cultural landmarks are now threatened by the fire .

isis-killer-beheading-video-story-top Kremlin doubts veracity of CNN report on Trump’s plans for Syria
Jul 04, 2018 - 02:34
Moscow and Washington confirmed the location and date of the summit simultaneously on Thursday. Finnish President Sauli Niinisto said he welcomed the planned dialogue.

isis-killer-beheading-video-story-top Notorious French gangster escapes from prison in a helicopter
Jul 02, 2018 - 16:36
In 2009 he wrote a book about his experiences of growing up in Paris's crime-ridden suburbs and graduating into a life of crime. The ministry said Redoine Faid's escape only took "a few minutes" on Sunday and no-one was injured or taken hostage.

isis-killer-beheading-video-story-top Germany's migrants: Seehofer 'offers to resign' over migrants
Jul 02, 2018 - 16:15
But he and Merkel were spotted Saturday discussing the outcome with tense faces on the balcony of her Berlin office. Party leader Andrea Nahles said that "the CSU is on a unsafe ego trip that is paralyzing Germany and Europe".