 |
Louisiana Light • 4 days | 61.92 | +0.02 | +0.03% | ||
|
Bonny Light • 259 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 4 days | 61.80 | -4.72 | -7.10% | ||
|
Mars US • 549 days | 72.57 | -1.09 | -1.48% | ||
|
Gasoline • 13 mins | 2.052 | +0.029 | +1.42% |
|
Bonny Light • 259 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 259 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 4 days | 61.80 | -4.72 | -7.10% |
|
Peace Sour • 50 mins | 49.13 | -1.16 | -2.31% | ||
|
Light Sour Blend • 50 mins | 49.38 | -1.16 | -2.30% | ||
|
Syncrude Sweet Premium • 50 mins | 53.63 | -1.16 | -2.12% | ||
|
Central Alberta • 50 mins | 48.98 | -1.16 | -2.31% |
|
Eagle Ford • 4 days | 54.77 | +0.08 | +0.15% | ||
|
Oklahoma Sweet • 4 days | 54.75 | +0.25 | +0.46% | ||
|
Kansas Common • 4 days | 45.12 | +0.08 | +0.18% | ||
|
Buena Vista • 36 days | 70.40 | +1.10 | +1.59% |
Breaking News:
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Trump: “Tariffs All The Way” if EU Fails to Buy More U.S. Oil and Gas
The European Union should buy more oil and gas from the United States or risk tariffs, U.S. President-elect Donald Trump said on Friday.
“I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas,” Trump posted on the social media platform Truth Social.
“Otherwise, it is TARIFFS all the way!!!”
The U.S., the world’s largest LNG exporter ahead of Qatar and Australia, is a major supplier of LNG to Europe, which is looking to boost alternative gas supply after Russia cut off pipeline deliveries to many EU countries in 2022.
The United States is already the biggest supplier of LNG to Europe.
Now the Trump administration could leverage LNG as a bargaining chip in trade negotiations with Europe, consultancy Rystad Energy said last month.
Tariff negotiations between the U.S. and the EU may well involve the EU buying a lot more U.S. LNG.
The United States is currently running a trade deficit of $240 billion with Europe, per Reuters. The biggest exporters to the U.S. are Germany, Italy, Ireland, and Sweden, according to Eurostat, accounting for the bulk of that trade deficit. The United States is the EU’s biggest trade partner, and oil and natural gas are among the top U.S. imports into Europe.
President-elect Trump has repeatedly stated that he disapproves of this state of trade affairs and that Europeans will “pay a big price” for it unless they start importing more American goods.
Shortly after Trump was elected U.S. President, European Commission President Ursula von der Leyen said in early November that the EU could replace what’s left of Russian gas imports with imports of LNG from the United States.
LNG “is one of the topics that we touched upon,” von der Leyen said at the time, commenting on a phone call with President-elect Trump she had.
“We still get a whole lot of LNG via Russia, from Russia. And why not replace it with American LNG, which is cheaper, and brings down our energy prices,” von der Leyen said.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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But these threats are more of a hot air with the BRICS threatening the US with retaliations which will inflict heavy damage on the US economy which is very dependent on imports and whose manufacturing sector has been steadily shrinking to 10% of US GDP now compared with 30% for China.
However, the EU is in a different situation. In the absence of leadership, the EU may succumb to pressure from Trump and do his bidding. But if the EU can summon some courage and dignity, it can stop Trump in his tracks by threatening retaliation against US exports including oil and LNG. And in an extreme situation, it can also threaten to lift sanctions on Russian oil and gas exports.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert