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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Indian Market Good Destination for US Oil Producers

US oil producers likely to eye Indian market as tariff war with China escalates.

Tariff war between India and China could be a good news for India. According to a report in Bloomberg, US oil producers likely to turn to Indian market as the worries of trade war with China rises. 

Chinese refiners were among the top buyers of American crude oil in the month of May. But recently, the sales have witnessed a dip, the report stated. 

"If China imposes tariffs, their refineries won't buy U.S. crude since it would cost more," Sandy Fielden, director of research for commodities and energy at Morningstar Inc., told Bloomberg. "U.S. sellers would have to find alternative buyers," he further added. 

To support the mentioned possibility, the report further stated that one option for US oil producers could be more shipments to India, which already has been buying enough from the states. In May, Indian refiners imported 4.7 million barrels, or about nine times more than April and the most of any month based on U.S. government data going back to 2015, it said. 

Meanwhile, China remains open for trade with foreign partners and can only benefit from an economically strong Europe, its premier said on Saturday as he pressed for expanded ties with the continent's eastern wing while waging a tariff war with Washington.

Li Keqiang told a summit with central and eastern European leaders that China would continue opening its markets and implementing other reforms that had fueled its economy, providing opportunities for EU members and aspirants in the bloc's poorer half.

"It is two-way traffic," Li said through an interpreter. "...Opening up has been a key driver of China's reform agenda so we will continue to open wider to the world, including widening market access for foreign investors."

Li's attendance at the seventh "16+1" summit in Sofia coincided with the first salvos in what risks becoming a protracted global trade war, as Washington and Beijing slapped tariffs on $34 billion worth of each others' goods.

Some participating countries have begun doubting the value of the annual meetings, and China has come under pressure to show its courting of individual countries from the Baltics to the Balkans would not hurt the European Union as a whole.

 

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