China imposed 5% tariff on US crude oil in September US crude exports to China have averaged 169,000 b/d in 2019 Trade fight to limit access to major demand market Washington — The ongoing trade dispute with China could significantly hinder US crude oil export growth, as US producers lose access to a top demand market, participants at a US Association for Energy Economics conference said this week. “China’s the big growth in demand,” said Horace Hobbs, Phillips 66’s chief economist, during a panel Tuesday. “The whole focus of US exports will eventually somehow have to get back to China.” In September, China imposed a 5% tariff on $75 billion worth of US goods, including US crude oil. That tariff roughly translates to a cost of about $3/b, likely eliminating potential margins for Chinese refiners, Hobbs said. The issue could be a prolonged limitation for US exporters, even […]