• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 3 hours Here's your favourite girl, Tom!
  • 5 hours China's Blueprint For Global Power
  • 3 hours Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 5 hours Brexit agreement
  • 9 hours Australian Hydroelectric Plant Cost Overruns
  • 13 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 12 hours IMO 2020:
  • 17 mins Nigeria Demands $62B from Oil Majors
  • 21 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 5 hours 5 Tweets That Change The World?
  • 4 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 14 mins ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 7 hours The Problem Is The Economy, Not The Climate
Are U.S. Sanctions Killing Crude?

Are U.S. Sanctions Killing Crude?

U.S. sanctions on Venezuela and…

Trump’s Impossible Biofuel Dilemma

Trump’s Impossible Biofuel Dilemma

The Trump administration has been…

China Agrees to Receive More U.S. Gas, Goods

China

Donald Trump and Xi Jinping have agreed that China will increase the imports of U.S. natural gas along with other products such as agricultural goods. China and the U.S. will also invest jointly in the development of infrastructure that will be needed for the processing of the gas.

This is what sources close to the talks between the two presidents told the Wall Street Journal, adding that later this month there will be a joint communiqué regarding all new bilateral agreements.

Despite its huge trade deficit with China, at US$309.6 billion last year, the U.S. exported goods worth US$115.8 billion, making the Asian economy its largest goods trading partner. Overall exports to China stood at US$169.3 billion, according to the Office of the U.S. Trade Representative. Imports, on the other hand, totaled US$478.9 billion. Goods imports from China were US$462.8 billion. Overall, China was the third-largest goods export market for the U.S. in 2016.

The natural gas agreement between Trump and Xi could have important implications for the U.S. energy industry. America is emerging as a serious contender for a piece of the global LNG market, with more than a dozen LNG terminals being built on the Gulf Coast and on the East Coast, with producers eager to tap international markets despite the current oversupply thanks to inflows from large-scale offshore LNG projects in Australia.

Related: Is This Country Africa’s Qatar of Natural Gas? 

China is a natural destination for U.S. LNG. The country’s liquefied gas imports have been growing, hitting this February the second-highest monthly rate since records began, at 3.4 million tons. The increase is part of plans to increase the share of natural gas in the country’s energy mix, to 10 percent by 2020. Secure, cheap supply from the U.S. would certainly help hit the target. For the U.S., the agreement will support the transformation into a net gas exporter, which, according to the EIA, should happen as soon as next year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play