Oil

The U.S. House of Representatives recently passed a bill that would prohibit sales of oil from the U.S. strategic petroleum reserve to entities linked to the Chinese Communist Party, and similar legislation has now been introduced in the Senate.

Last week, the House of Representatives passed a bill that would prohibit sales of oil from the U.S. strategic petroleum reserve to entities linked to the Chinese Communist Party. Prospects for the legislation in the Democrat-controlled Senate are uncertain, however.

During a three day visit to the Philippines last weekend, a Chinese high-level official expressed hope about reviving joint oil exploration and strengthening cooperation on energy, agriculture and other areas.

Last week, U.S. Senators Marco Rubio (R-FL), Rick Scott (R-FL), and Kevin Cramer (R-ND) introduced a bill that would sanction insurers/registrars of ships sending oil from Russia to China.

At a recent Congressional hearing, a senior Bureau of Industry and Security (BIS) official testified and answered questions on a number of issues related to China's compliance with U.S. sanctions and its access to U.S. technology.

Yesterday, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) imposed new sanctions in relation to purchases of Iranian petroleum and petrochemical products, with sales to China implicated by the measures.

Two Republican Senators have introduced legislation that would ban the export of oil and petroleum products to China.