Chinese oil customers plan to reduce their intake of U.S. crude oil from September onwards to avoid a possible import tariff on American oil in China, due to the uncertain outcome of the current trade tensions, Reuters reported on Thursday, citing Chinese industry sources. The heightened trade tension between the United States and China over the few past weeks resulted in China threatening to slap a 25-percent import tariff on crude oil and refined oil product imports from the U.S., if the U.S. imposes new tariffs on Chinese products, as President Donald Trump has said they will. Chinese refiners, who usually order their U.S. oil cargoes three months in advance due to the distance for shipping the crude, have been cautious about booking American oil too far in advance—beyond September deliveries. Chinese state-run giant Sinopec, Asia’s biggest refiner and China’s biggest U.S. oil customer, is keeping its typical volumes […]