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Author Topic: US Gas sales to China dries up as Ukraine war halts Energy trade  (Read 413 times)
Majestic-milf (OP)
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June 25, 2022, 06:46:52 PM
 #1

 By this time last year, China had been loyal patrons in the purchase of US natural gas but seem to lose interest as they have located a better, closer source. The US- China energy trade deal, entered in Jan 2020, after the trade war between Washington DC and China in 2018 during Trump's administration, entailed a pledge from Xi's govt to buy about $200billion worth of US goods and a $52.4 billion in energy.  
 China's crude oil imports from Russia soared by 55% from a year earlier to a record level in May, displacing Saudi Arabia as their top supplier. Could China's reason for switching to Russia from the US as a result of closeness of boundaries or is there an ulterior motive?
 While the US are aggrieved that they've been snobbed, Russia has a lot to be grateful for as the 30% discount offered to the Chinese government looks to be piling his coffers despite the sanctions from the West aimed at crippling their economy. In May, the Kremlin raked in around $20bn just from the exportation of oil alone! https://toutiaoqushi.com/us/articles/1524e08b7865856c/

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June 25, 2022, 07:20:43 PM
 #2

If the amount of oil imported to China was substantial, this might've just been a way for China to increase the strength of the Yuan to increase their earnings from their exports market and solve issues they might be having with covid and their economy (like the housing market).

China is still the second largest holder of US government bonds too from what I could find (holding about $1tr). This could also just be taking advantage of Russia's situation too - if you're being offered the same thing at a 30% discount, it'd make sense to go with that.
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June 25, 2022, 08:47:11 PM
 #3

Russia is a major player in the world economic system. It would be very difficult to displace them in the global oil and gas market. They produce oil and gas at a very cheap rate and can sell them at a discounted price. China is also a big global economic player that cannot be sanctioned for their transactions with Russia. China and India would keep doing business with Russia and there is nothing US and its allies would do about it. Even smaller countries are still buying cheap oil and gas from Russia secretly. For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.     

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June 25, 2022, 10:45:43 PM
 #4

Russia is a major player in the world economic system. It would be very difficult to displace them in the global oil and gas market. They produce oil and gas at a very cheap rate and can sell them at a discounted price. China is also a big global economic player that cannot be sanctioned for their transactions with Russia. China and India would keep doing business with Russia and there is nothing US and its allies would do about it. Even smaller countries are still buying cheap oil and gas from Russia secretly. For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.      

With this situation, I can't blame those countries who are still buying gas from Russia.
Because for some of these countries, they are only thinking about the welfare of their people.
So if they can buy oil and gas at a discounted rate, why not? And if it is relatively near their jurisdiction, they would definitely buy from Russia.
Just think that a lot of countries globally have increased their fuel prices, and most of their people can't cope up with this price increase.
Most haven't recovered yet from this pandemic crisis and now, people are experiencing this bloated gas prices.
So for me, you can't blame these countries secretly buying from Russia's oil and gas.
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June 25, 2022, 11:58:11 PM
 #5

For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.     

"For now" is the key word here. Oil and gas prices will drop when countries will start producing more of them. And Russia can't simply sell all the oil and especially gas that it was selling to Europe - there's no infrastructure or demand among its friends for that. Combine this with the discounts they have to make to make their oil more attractive, and you'll see that in next 2-3 years Russian fossil fuels revenue is going to drop. And that would be very painful, because that's 50-60% of Russian budget, as they don't have any significant high technology or service exports.
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June 26, 2022, 01:23:45 AM
 #6

With this situation, I can't blame those countries who are still buying gas from Russia.
Because for some of these countries, they are only thinking about the welfare of their people.
So if they can buy oil and gas at a discounted rate, why not? And if it is relatively near their jurisdiction, they would definitely buy from Russia.
Just think that a lot of countries globally have increased their fuel prices, and most of their people can't cope up with this price increase.
Most haven't recovered yet from this pandemic crisis and now, people are experiencing this bloated gas prices.
So for me, you can't blame these countries secretly buying from Russia's oil and gas.

this also happen to my country in indonesia that we buy oil from russian with discounted rate it because the high oil price we cannot like make the price goes up many will suffer from it and there is news about it  Embarrassed

the sanction and after covid pandemic high inflation rate and much more make small country or development country hard to move


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June 26, 2022, 03:44:45 AM
 #7

Is there an ulterior motive? Not only yes but the ulterior motive here is definitely the main motive. Everything else is secondary. China has been acting as the damage controller for Russia. China has significantly cushioned the impact of the various sanctions imposed on Russia. In a way, China is one of the reasons why Russia is still able to continue with its invasion even if it already suffered a lot of failures. China's help sustains it.

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June 26, 2022, 03:46:25 AM
 #8

For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.     

"For now" is the key word here. Oil and gas prices will drop when countries will start producing more of them. And Russia can't simply sell all the oil and especially gas that it was selling to Europe - there's no infrastructure or demand among its friends for that. Combine this with the discounts they have to make to make their oil more attractive, and you'll see that in next 2-3 years Russian fossil fuels revenue is going to drop. And that would be very painful, because that's 50-60% of Russian budget, as they don't have any significant high technology or service exports.
Europe does not have the opportunity to wait 2-3 years for the sanctions to take effect on Russia, because it will not be able to winter the coming winter without energy supplies from Russia.

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June 26, 2022, 05:25:28 AM
 #9

Russia is a major player in the world economic system. It would be very difficult to displace them in the global oil and gas market. They produce oil and gas at a very cheap rate and can sell them at a discounted price. China is also a big global economic player that cannot be sanctioned for their transactions with Russia. China and India would keep doing business with Russia and there is nothing US and its allies would do about it. Even smaller countries are still buying cheap oil and gas from Russia secretly. For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.      

With this situation, I can't blame those countries who are still buying gas from Russia.
Because for some of these countries, they are only thinking about the welfare of their people.
So if they can buy oil and gas at a discounted rate, why not? And if it is relatively near their jurisdiction, they would definitely buy from Russia.
Just think that a lot of countries globally have increased their fuel prices, and most of their people can't cope up with this price increase.
Most haven't recovered yet from this pandemic crisis and now, people are experiencing this bloated gas prices.
So for me, you can't blame these countries secretly buying from Russia's oil and gas.

Where I live gas prices have basically doubled during the last year and things are probably going to get worse during the winter, so if a government that is not involved directly or indirectly in the war can take advantage of the situation and get cheap gas then I am not surprised they take advantage of the opportunity given to them, after all most of the economies of the world are in a bad shape and getting a discount in such a strategical resource can be critical to slowdown the inflation rate in their country.
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June 26, 2022, 06:10:49 AM
 #10

With this situation, I can't blame those countries who are still buying gas from Russia.
Because for some of these countries, they are only thinking about the welfare of their people.
So if they can buy oil and gas at a discounted rate, why not? And if it is relatively near their jurisdiction, they would definitely buy from Russia.
Just think that a lot of countries globally have increased their fuel prices, and most of their people can't cope up with this price increase.
Most haven't recovered yet from this pandemic crisis and now, people are experiencing this bloated gas prices.
So for me, you can't blame these countries secretly buying from Russia's oil and gas.

this also happen to my country in indonesia that we buy oil from russian with discounted rate it because the high oil price we cannot like make the price goes up many will suffer from it and there is news about it  Embarrassed

the sanction and after covid pandemic high inflation rate and much more make small country or development country hard to move


Yes, almost all over the world there is inflation and the global economy is also currently not doing well,
when the price of oil goes up without realizing it will cause a domino effect and make others also go up,
If conditions continue like that, it will certainly make a small country go bankrupt

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June 26, 2022, 06:25:25 AM
 #11

While the US are aggrieved that they've been snobbed, Russia has a lot to be grateful for as the 30% discount offered to the Chinese government looks to be piling his coffers despite the sanctions from the West aimed at crippling their economy.
US has a lot more to grieve about if 30% discount is correct because that means China would expand its economy more and increase its distance from the Western competitors. In other words the shrinking US economy is going to shrink even more since the production cost in China would be a lot less now.
This could be the reason why US economy is slowly falling apart these days.

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June 26, 2022, 07:35:56 AM
 #12

For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.     

"For now" is the key word here. Oil and gas prices will drop when countries will start producing more of them. And Russia can't simply sell all the oil and especially gas that it was selling to Europe - there's no infrastructure or demand among its friends for that. Combine this with the discounts they have to make to make their oil more attractive, and you'll see that in next 2-3 years Russian fossil fuels revenue is going to drop. And that would be very painful, because that's 50-60% of Russian budget, as they don't have any significant high technology or service exports.

Some countries aren't opting to produce more. Both the EU and US have committed to transforming their energy sector into green energy so it isn't clear that some countries will revert back to traditional based energy sources. Germany is reverting back to coal, but they are a singular case. The US in particular haven't been increasing their oil production, and green energy forms are undeveloped so they can't produce the energy they need through greener methods.

Russia can still sell to China and India. Ruble is somehow one of the best performing currencies as of late. It's solely based on energy.
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June 26, 2022, 07:57:12 AM
 #13

Heh, there is no halting of the energy trade at all, be warned. It's merely China switching to cheaper alternative supplies.

Ulterior motive? Nah. We all those kind of decisions strategic thinking, and those are done for the interest of their own country, not for the pure undermining of another one.

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June 27, 2022, 07:32:12 AM
 #14

After the war between Ukraine and Russia started situsation changed and especially in many countries where they were buying gas and oil from Russia. But when this happened from the Russian side china tried by still there a big gas buyer from Russia because of relations I guess they can even buy gas from Russia with better conditions than before, in other words, china got a better place to buy gas so they will not focus os the USA anymore because of their relations with the Russian government. I think this situation can make some bad effects on the USA and Europe side.

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June 27, 2022, 09:35:18 AM
 #15

If the amount of oil imported to China was substantial, this might've just been a way for China to increase the strength of the Yuan to increase their earnings from their exports market and solve issues they might be having with covid and their economy (like the housing market).

China is still the second largest holder of US government bonds too from what I could find (holding about $1tr). This could also just be taking advantage of Russia's situation too - if you're being offered the same thing at a 30% discount, it'd make sense to go with that.

Increasing the strength of Yuan will not make it attractive for trading with other countries. Most economist also have the same opinion, they have to maintain its value low for every country to trade with them. Same with Russia's  ruble they have to maintain its value so  trading gas and oil from them will continue. And to make this happen they have to invest somewhere outside build relationship to other countries.

Its not just motive to circumvent the sanctions but build relationship like how  China did to different countries through the BRI. They invest everywhere, Russia offer loans too  just recently they provided loan to Sri Lanka.

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June 27, 2022, 09:26:18 PM
 #16

I mean it would make a ton more sense right? Russia is right there, whereas USA is all the way on the other side of the world. It would be much easier to just get those gas and energy or whatever really from Russia instead of any other nation. Plus with Russia in war, they are sanctioned and they  can't sell their gas to too many places, hence they would be willing to do even discounts to china as well.

This will result with China preferring Russian gas for a decade or longer and they will not care about American politics. Sure China and USA had a "trade war" before, but this would be like trade break up Cheesy I know that sounds silly, but China just found a hotter and sexier gas provider, and they want to go with that.

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June 28, 2022, 03:45:07 AM
 #17

There  is no reason for China to buy overpriced hydrocarbons from the United States, after the recent comment from Joe Biden regarding Taiwan. China is very strict with their territorial rights, and they never take these comments lightly. On top of that, Russia is ready to supply LNG and crude oil at heavily discounted prices. Who in their right minds expect the Chinese to continue with their American purchases, when they have a much cheaper and friendly alternative available? As of now, China remains one of the beneficiaries from the sanctions against Russia and Belarus.

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July 08, 2022, 09:44:49 PM
 #18

For now it seems the sanctions on Russia is having more negative impact on Europe and US than the sanctioned nation.     

"For now" is the key word here. Oil and gas prices will drop when countries will start producing more of them. And Russia can't simply sell all the oil and especially gas that it was selling to Europe - there's no infrastructure or demand among its friends for that. Combine this with the discounts they have to make to make their oil more attractive, and you'll see that in next 2-3 years Russian fossil fuels revenue is going to drop. And that would be very painful, because that's 50-60% of Russian budget, as they don't have any significant high technology or service exports.
Europe does not have the opportunity to wait 2-3 years for the sanctions to take effect on Russia, because it will not be able to winter the coming winter without energy supplies from Russia.

Do not remind me - whose phrase "I am not interested in Poland, the Baltic countries, these European dwarfs, the industrial basis of Europe - Germany, France, Austria"? I did not quote verbatim, but as accurately as possible in meaning Smiley So, these "dwarfs", for your understanding, will easily endure this and other winters, and of course without Russian gas. And those who sold the interests of their countries and allowed Gazprom to monopolize their markets-retribution came, yes yes! But I think the people of Germany will now be more careful in their choice of their leaders, and now they will choose not the Kremlin's bedding, but really strong ones, about German politicians!
And I am sure that the next 1-2 years will be very difficult for Germany, the decline in industrial production, perhaps even the loss of the status of a European leader. That is why now the euro has fallen so much, and most likely will continue to fall. BUT ... you have to pay for all crimes! This will be a very strong lesson for Germany! Smiley

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July 08, 2022, 10:18:32 PM
 #19

Ok, so China is getting cheaper gas from Russia with huge discount due to sanctions.  Fairly safe to say the US gas/oil sales that have dried up in China will find a new home in Europe as gas/oil supplies there received from Russia are drying up.  The energy hustle don't stop.
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July 12, 2022, 07:33:08 PM
 #20

Ok, so China is getting cheaper gas from Russia with huge discount due to sanctions.  Fairly safe to say the US gas/oil sales that have dried up in China will find a new home in Europe as gas/oil supplies there received from Russia are drying up.  The energy hustle don't stop.

Exactly ! Some really joyfully clap their hands and yell "brotherly China is saving Russia" Smiley But they don't understand that the market has simply been redistributed, where now the terrorist country is leaving the European gas market, and is trying to sell unnecessary gas. This is used to the fullest, China. And in such a way that the saying "You don't do that with friends" is quite suitable here Smiley China is forcing Russia to lower the price to the level that China wanted. And Russia cannot refuse China, but in fact the "big brother"!
And at this time, Russia, which even economically (with gas) tried to terrorize its friends in Germany and France, is quietly and calmly replacing the United States with its own gas, and a significant event already occurred a month ago - the volumes of gas sold by the United States on the EU market exceeded the volumes sales of gas from a terrorist country.

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