Sales of China’s oil purchases from the United States doubled
Since China is likely to buy more from the US this year, the purchase of their oil is helping to support somewhat.
Revenue increased by $ 1.2 billion in the first four months of 2018 compared with a year earlier, thanks to the global crude oil prices surged. China has proposed to strengthen purchase American goods by about 25 billion dollars ahead of schedule this year between June tariff. Crude oil, coal and agricultural products is one of the commodities that China is willing to buy more, according to unnamed sources revealed.
US sent about 330,000 barrels a day of mainly crude oil and gas condensate inland to China in the first four months, up 120,000 b / d from the same period a year ago, according to the latest data of the main Minister. West Texas Intermediate crude oil averaged US Standard 63.77 USD / barrel in the first 4 months of this year compared with the previous year’s level of 51.63 USD.
“Because of higher oil prices, the growth in value faster than the growth in volume,” analyst Mara Roberts Duque BMI Research in New York, said in an interview over the phone . “So, it can help reduce the deficit.”
Trump’s government in the task of cutting the trade deficit soared to the Asian giant since last year, making this a core policy objective. US goods exports to China last year reached 130 billion dollars, while shipments to the United States of America China totaled 506 billion dollars. That makes the US deficit over 375 billion dollars.
There will be room for American manufacturers shipped more oil to China, as the second largest economy the world has reduced supplies of the Middle East by treaty OPEC production cuts. In the first quarter, the US market in the spirit of the crude oil import market of China was 2.5%, up from 0.1% in 2016, Duque said, citing data from the General Administration of Customs of China .