• 14 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days "And this is perhaps the most dangerous kind of government there can be."
  • 15 hours Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days Demonising fossil fuels has caused major grid problem in Australia
  • 15 hours "...too many politicians believe things that aren’t true." says Robert Rapier
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News