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Energy relations between the United States and China will deepen in the future, the chairman of state energy giant CNPC, Wang Yilin said in an interview with Bloomberg this week on the sidelines of the Boao Forum for Asia.
Despite financial markets suffering heightened volatility thanks to the trade spat between the two countries, Wang is confident that “There is more room for cooperation than confrontation between China and the U.S.” The official added he was confident that bilateral cooperation “will only get better and closer.”
CNPC is one of China’s biggest energy players and the biggest natural gas importer in the country. The recent exchange of tariffs started by President Donald Trump has had energy markets worried what would happen if China decides to respond with an import tariff on U.S. oil and gas. Oil prices reacted to this worry with a slide at the end of last week, but on Monday oil recouped its losses on renewed optimism about the tariff issue.
China’s President Xi Jinping, also speaking at the Boao Forum, said that Beijing was planning to open up China to more imports—notably cars—to which end the authorities would lower the import duties on vehicles and other products. Xi added, however, that China had been subjected to unfair treatment from other countries.
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"We hope developed countries will stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China," the president said.
Last week, crude oil futures lost 4.4 percent as China said it will impose tariffs on U.S. liquefied propane and petrochemicals in response to President Trump’s threatening to include more products in the tariff offensive against China. Beijing immediately shot back with another warning that it would respond to any further tariffs in kind, sparking worry among oil traders that propane and petrochemicals might be just the beginning.
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.