• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 10 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 1 hour US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 15 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 6 hours Mr
  • 3 hours Free market or Freeloading off the work of others?
  • 3 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 5 hours Marine based energy generation
  • 17 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 18 hours How to Create a Pandemic
  • 19 hours Apple to Bypass Internet and Beam Directly to Phones
  • 10 hours Which producers will shut in first?
  • 17 hours Real Death Toll In CCP Virus May Be 12X Official Toll
Alt Text

Why U.S. Shale Will Survive The Oil Price War

As the oil sector continues…

Alt Text

China's Plan To Capitalize On The Oil Price War

While Saudi Arabia and Russia…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of U.S. crude oil and products after the Phase 1 deal Washington and Beijing signed yesterday, Bloomberg reports.

The terms of the deal include the addition of U.S. energy exports worth some $18.5 billion this year and another $33.9 billion in 2021. The additional exports span the whole spectrum of fossil fuels and their derivatives, from crude oil and liquefied natural gas, to various fuels as well as coke and coal.

Besides the direct beneficial effect on U.S. energy exports, the deal is also positive for several LNG projects that have stalled because of the freeze in bilateral relations. LNG projects are costly endeavors and their operators need long-term purchase commitments to get the debt funding to complete them. According to Bloomberg, the Phase 1 deal will take care of that.

China gradually stopped buying U.S. oil as the trade war the Trump administration began two years ago progressed. The Phase 1 deal should change that.

Some are warning against too much optimism, however. Reuters reported some analysts believe China may have trouble keeping its end of the deal. The details of how these commitments for higher exports are to be fulfilled have yet to be made public.

The Phase 1 trade deal is generally scarce in detail. It involves an agreement on the part of the United States to reduce 15-percent tariffs on $120 billion worth of Chinese goods by half. China, in turn, will carry out structural reforms and buy an additional $200 billion worth of American goods and services over the next two years. The deal, however, will leave in place U.S. tariffs on $360 billion worth of Chinese goods.

China’s oil imports are at a record high and so are refinery processing rates. This has created a glut of Chinese oil products regionally, so additional imports of fuels from the United States might only add to the glut.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News