China's U.S. Oil Tariffs Spark Fear of a Global Demand Slowdown

The video discusses the complexities of the oil trade between China and the US, highlighting that while China is a minor importer of US crude, the trade war has disrupted these flows. The US needs to find buyers for its increasing oil exports, and tariffs are complicating the situation. Sinopec, a Chinese state-owned company, is attempting to resell US oil before tariffs take effect, but finding buyers is challenging due to pre-existing purchase commitments by refiners.

What percentage of China's crude oil imports came from the US in the first seven months of 2019?

• 5%

• 10%

• 15%

• 1%

Why is the US keen to find buyers for its oil exports?

• To reduce domestic oil prices

• To support President Trump's export goals

• To increase oil production

• To decrease dependency on foreign oil

What is Sinopec's strategy regarding the US crude oil that will arrive after the tariffs take effect?

• Return the oil to the US

• Use the oil for domestic consumption

• Resell the oil to other countries

• Store the oil until tariffs are lifted

What is the main challenge in selling US oil to China before the tariffs are implemented?

• Negotiating lower tariffs

• Locating new buyers

• Increasing production rates

• Finding storage facilities

How long does it take for oil shipments to travel from the US to China?

• Six weeks

• Three weeks

• One month

• Two months