Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10,
Oil and gas traders are likely to seek waivers from Beijing over tariffs that the Chinese government plans to impose on U.S. crude and liquefied natural gas (LNG) imports from February 10, trade sources said on Thursday.
Shortly after tariffs on China imposed by U.S. President Donald Trump took effect on Tuesday, China's Finance Ministry said it would impose levies of 15% on imports of U.S. coal and LNG and 10% for crude oil as well as on farm equipment and some autos, starting on February 10.
Four tankers, carrying 6 million barrels of U.S. West Texas Intermediate (WTI) and Alaska North Slope (ANS) crude, and two LNG vessels are currently en route to China, data from analytics firms Kpler and LSEG showed.
Companies are expected to apply for waivers for tankers that have already been booked, three oil traders said. However, it would be harder for new deals to receive waivers, two of them said.
A Chinese trade source said they were unlikely to resell U.S. oil as prices were not favourable amid rising production.
Another two traders who deal with U.S. oil said they have not seen cargoes destined for China being re-offered in the market as there
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