The American Petroleum Institute (API) has issued the following statement after the US and China signed a “phase one” trade deal.
“The phase one trade deal reached between the US and China is a positive step forward, creating greater certainty across the American economy,” API President and CEO Mike Sommers said. “Although the US leads the world in energy development, trade wars disrupt global supply chains and create new barriers to US exports. De-escalation of trade tensions is welcome news to a wide range of industries, but there’s more work to be done. We encourage the administration to stay at the negotiating table until the US-China marketplace for energy trade is fully restored and all remaining tariffs are lifted — including US tariffs on imports of industrial components used in our industry and Chinese retaliatory tariffs on US energy exports.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/16012020/api-endorses-us-china-phase-one-trade-deal/
In the event of another deadlocked meeting on 6 April, Saudi Arabia will suffer a bigger hit than Russia with regards to the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget deficits and domestic policy.