Daily Energy Report
China oil tariff, US inventories, TotalEnergies LNG proposal, Iran sanctions response, Top US refiner tariff response, OPEC output falls, Equinor’s climate retreat, UK deindustrialization, and more.
Chart of the Day: China’s Tariff on Oil Imports from the US
Summary
China retaliated against Trump's tariffs on Chinese goods by imposing tariffs on several US imports, including LNG and oil. China's crude oil imports from the US were about 100 kb/d in Q4 2024, increasing to 193 kb/d in January according to Kpler. Figure (1) shows China's dependence on U.S. oil imports at only 2.2% of total crude imports.