WorldOil Oil shock unites China with Asia rivals worried about supply Asia accounts for more than 70% of Saudi Arabia’s crude exports, with the four biggest economies – China, Japan, India and South Korea – leading the pack, according to consultancy Wood Mackenzie. That leaves them particularly vulnerable to rising geopolitical tensions in the Middle East that are now causing global crude prices to soar. Vietnam fights China’s moves to hinder offshore exploration The foreign ministry in Hanoi on Thursday called on China to immediately order a state-owned survey vessel along with several Coast Guard escorts to leave Vietnamese-claimed waters in its exclusive economic zone, which stretches 200 nautical miles from its coast. Venezuela’s oil woes deepen as Chinese contractor halts work A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies. India eyes U.S. oil that China’s offering amid new tariffs An Indian state-owned refiner is mulling the purchase of American oil from Chinese sellers offering cargoes that would be hit by new tariffs on U.S. supplies. China Big Oil’s upstream bet is paying off China Big Oil wrapped up a first half that rewarded exploration and production and punished refining. Duterte wants to use South China Sea ruling to warm China relations Philippine President Rodrigo Duterte’s much-touted meeting with Chinese leader Xi Jinping does not appear to have yielded an agreement on the South China Sea territorial dispute between the two nations or a plan to explore the area for oil and gas. Oil tariff hits just as six tankers head to China with U.S. crude Six ships, carrying about 12 MMbbl of U.S. crude, are headed to China just as Beijing prepares to impose its first ever levy on American oil next month. New U.S. LNG export plans threatened as trade war drags on Liquefied natural gas may have dodged the latest round of Chinese tariffs on U.S. goods, but plans for new American terminals to ship the fuel abroad are under threat as the trade war escalates. Oil climbs as Huawei sanctions delay offers sign of trade war truce Oil climbed as the U.S. delayed sanctions against Huawei Technologies, offering a hint of progress in its trade war with China, and a drone attack in Saudi Arabia highlighted simmering Middle East tensions. China’s biggest energy company shuns Venezuela oil on tighter U.S. sanctions China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation.