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.

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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.

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