U.S.-China trade war could benefit Iran’s oil exports: expert

June 18, 2018

TEHRAN - The dispute between the United States and China could lead to a cut in Chinese purchases of U.S. oil which could consequently benefit Iran’s sales, Reuters reported quoting John Driscoll, director of consultancy JTD Energy Services.

The potential drop-off in American oil exports to China would benefit other producers, especially from OPEC and Russia.
“The Chinese may just replace some of the American oil with Iranian crude,” Driscoll said.
According to Driscoll, China isn’t intimidated by the threat of U.S. sanctions. They haven’t been in the past. So in this diplomatic spat they might just replace U.S. crude with Iranian oil.
In an escalating spat over the United States’ trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6.

EF/MA

Leave a Comment

1 + 15 =