Economy22: 49 11.10.2018 (updated 22:57 11.10.2018) Short URLThe structure of global oil flows is undergoing an induced transformation by Donald Trump's foreign policy, including the trade war against China and the sanctions against the Iranian energy sector, against the backdrop of the record production of this resource in the United States. US foreign policy changes the structure of trade world oil, says the agency Bloomberg.
First, it is the trade war between Washington and Beijing that has reduced US exports to China. According to the US Census Bureau, in August, the largest consumer of energy in the world did not import US oil for the first time since 2016, while in July, nearly 12 million barrels delivered to China have made this country the second largest importer of this resource produced in the United States.
On the basis of this trend, oil producers in West Africa, Latin America and the Middle East are strengthening their deliveries to the Middle Kingdom, the authors of the article said.
Colombia has tripled its oil exports to China. Brazil has reached its export record this year. As for African producers, their 1.71 million barrels is a record figure since August 2011, says the agency.
According to her, the same logic is shown by Oman and Kuwait. That being said, the latter has practically stopped shipping to the United States for the first time since the Gulf War.
Another factor is the US sanctions against Iran, which could lead to the fall of oil exports from that country. At present, it is unclear whether Beijing is reducing its purchases of Iranian oil. However, South Korea, India and Japan are already decreasing them. In this context, the Crown Prince of Saudi Arabia, Mohammed bin Salman Al Saud, promised that his country and other OPEC members would compensate for these losses, says Bloomberg.
JBC Energy Energy Research Center analyst in Vienna Eugene Lindell confirmed that Donald Trump's international maneuvers were influencing global oil flows.
"Without a doubt, he [le Président américain, ndlr] creates many trade flows that have never been seen on the market," he said cited by Bloomberg.
Apart from politics and international trade, the configuration of world oil deliveries is also transformed by the record production of this resource in the United States, particularly against the backdrop of the development of tight deposits.
In August, shipments to South Korea reached 267,000 barrels a day, 313% higher than the same period last year. In addition, Japan and India increased their purchases of US oil by 198% and 165% respectively. European consumers such as Italy, the Netherlands and the United Kingdom have also begun to import more oil from the United States, Bloomberg said.