China's decision to stop purchasing oil from the United States is not significant news for the energy market as the volume of US oil imports to China was not that big and Beijing can easily replace them with supplies from other countries, Russian Energy Minister Alexander Novak said on Thursday.
MOSCOW (Pakistan Point News / Sputnik - 04th October, 2018) China's decision to stop purchasing oil from the United States is not significant news for the energy market as the volume of US oil imports to China was not that big and Beijing can easily replace them with supplies from other countries, Russian Energy Minister Alexander Novak said on Thursday.
On Wednesday, media reported that China ceased oil supplies from the United States amid the trade war between the countries. According to experts' evaluations, China may increase imports of oil from Iran to satisfy its demands.
"These volumes are insignificant for the Chinese economy, so if there is a decision [to stop importing US oil], the People's Republic of China will be able to shift to other sources without any problems," the Russian minister said on the sidelines of the Russian Energy Week.
Novak pointed out that the move would affect Chinese-US trade relations, triggering another stage of trade war between Beijing and Washington.
Over the past several months, relations between Washington and Beijing have sharply deteriorated over trade disagreements. In September, a new round of US tariffs on Chinese goods and retaliatory restrictions on US imports to China were imposed amid the further escalating trade dispute which the parties have so far failed to resolve, despite holding numerous consultations.
The latest development in the trade war when the United States restricted purchases of Russian-made weapons systems for a key Chinese military-research unit.
