techkenyot.com
techkenyot.com November 18, 2018


Asia's oil refiners rush to deal with US China trade war

09 July 2018, 09:11 | Hattie Nash

Asia's oil refiners rush to deal with US China trade war

Oil snip 2

Concerns that oil prices will be weighed down by a trade conflict between the United States and China have faded to some extent, analysts said. China's Ministry of Commerce stated that it had no choice but to respond to the USA, which they claim had "launched the largest war in economic history". U.S. crude futures added 34 cents, or 0.5%, to $74.14. The stoppage at the 360,000 barrels per day (bpd) Syncrude facility in Canada has contributed to a sharp reduction in the discount for U.S. crude versus Brent crude over the past month.

Brent crude futures LCOc1 were down 7 cents, or 0.1 percent, at $77.32.

On Friday, the United States tariffs on $34 billion worth of Chinese goods were implemented.

After noting that China holds about $118 trillion in USA debt, Guilfoyle pointed out that "we've got a pretty hot economy" and that China is struggling in comparison: "They have retail sales in the hole. they've got industrial production in the hole, the Shanghai Composite [stock index] is down 17 percent year-to-date".

Guy Pearce Says His "Handsy" Comments Regarding Kevin Spacey Were Mischaracterized
It is the first time she has spoken about her relationship with Spacey since the allegations came to light towards the end of past year .

As part of the retaliatory response, Beijing has threatened a 25 percent tariff on USA crude imports, although it has not specified an introduction date.

In an alarming sign for Washington, and a welcome development for Iran, some locals have decided not to see which way the dice may fall.

But for a crude market focused mainly on short-term impacts, analysts see nothing but gloom around the corner: in discussing the possibility of China placing a tariff on USA oil, Commerzbank said in a note that "Chinese demand would then shift to other suppliers, [and] because the oil market is already in tight supply due to the numerous outages, this would drive worldwide prices (Brent) further up".

China has said it will impose tariffs on 545 USA goods in return. "We will switch to either Middle East or West African supplies", he said. "You are actually discrediting them and undermining their sovereignty, we expect you to be more polite".

Sanctions to remain until North Korea 'final' denuclearisation: Mike Pompeo
Trump in turn offered security guarantees to Pyongyang and pledged a halt to large-scale military drills with South Korea. Pompeo came to Tokyo on Saturday night after finishing his two-day tour to Pyongyang earlier in the day.

Based on IEA estimates, the kingdom can raise production to just over 12 million bpd and sustain it at that level for an extended period, the report added.

Another option President Trump has for increasing the supply of oil is tapping into the strategic petroleum reserve to reduce pressure on oil prices.

The flipside is that since less Iranian oil exports will go unused, it may provide a solace to the USA consumer facing the highest gas prices in four years.

Rather than increase, the number of Iranians naturalized in the US declined after the deal was signed, from 10,344 in 2015 to 9,507 in 2016, according to the Department of Homeland Security.

U.K. Foreign Secretary Boris Johnson Resigns Over Brexit
Brexit Secretary David Davis announced his resignation via a letter sent late Sunday night to Prime Minister Theresa May . There was no immediate statement from Mr Johnson, another loud pro-Brexit voice within Ms May's divided government.

China responded promptly and slapped duties on the same amount of value unto United States products.



Other News

Trending Now

Jacob Zuma's son, Duduzane, charged with corruption, granted bail
He has been charged over involvement in a bribe allegedly offered to former deputy Finance minister Mcebisi Jonas by the Guptas. The elder Zuma denies wrongdoing in that case, and his supporters say he is the victim of a politically motivated witch-hunt.

Daredevil Tony Pastrana replicates Evel Knievel's jumps
Travis Pastrana jumps the fountain at Caesars Palace on a motorcycle Sunday, July 8, 2018, in Las Vegas . He died in 2007 at the age of 69.

Harvey Weinstein pleads not guilty, released on bail
Attorney Gloria Allred , who is representing the third woman, talks to reporters after Weinstein left court Monday. A handcuffed Weinstein entered the court room on Monday wearing a dark suit, a white shirt, and a navy blue tie.

Ryan Fox falls agonisingly short at Irish Open
Jorge Campillo (65) was in third place, a shot further back, and defending champion Jon Rahm was in a share of fourth after a 66. The highest of those was host Rory McIlroy, who shot a 71 to finish in the top 30 on -2.

Trump’s trade war: what is it and which products are affected?
Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy. Beijing hit back on Friday with tariffs worth $34bn and has said it will match Trump's $50bn threat.

Erdogan to take oath as Turkey’s1st Executive President with vast powers
State television channel TRT broadcast Erdogan's described Monday's swearing-in as the "first day of the new Turkey". Later on Monday, Erdogan will announce his new cabinet, which, he said, will hold its first meeting on Friday.

Jack Wilshere Makes Statement Which Will Hurt Arsenal Fans
Manuel Pellegrini is understood to have signed off on the move for the 26-year-old, who has signed a three-year deal at the club. In an interview, Wilshere claims his entire family were Hammers' fans and he had one specific player on the back of his shirt.

Uncle Toni reveals who is the GOAT between Federer, Nadal and Djokovic
This will be the sixth time that Mannarino, a left-hander, has faced Federer. "I was happy to stay clam and finish off the job". I honestly think he can cause some damage the next round. "Over time, it's going to get stronger and stronger again".

Amazon Offers Free Echo Dot Ahead Of Prime Day
Amazon Prime Day is almost upon us, marking your best chance to nab a bargain in the long summer months before Black Friday . Beyond these large warehouses, Amazon is creating last-mile connectivity to reach customers from Leh to Kohima.

Bedroom Police: Iranian Teen Detained over Instagram Dance Videos
Iran has already blocked access to many social media sites, including Facebook, Twitter, YouTube and the Telegram messaging app. Iran's judiciary and security forces are dominated by hard-liners who launch periodic crackdowns on behavior deemed un-Islamic.