Inform
US-China trade deal: Implications for crude oil and refining
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Report summary
After over a year of trade tensions, US and China signed the “phase one” trade deal on 16th, Jan 2020. As part of the deal, China agreed to increase the value of energy imports by US$52.4 bn above 2017 levels over the next two years. We expect crude oil to account for most of China’s increased energy commitment, with Chinese NOCs as the principal taker. In the following Inform, we examine the implications for oil and refining markets, including the impact on US crude oil supply and prices, OPEC response, and what the deal means for Chinese refiners.
Table of contents
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US-China trade deal: Implications for crude oil and refining
- Why oil is needed for China to meet the target
- Trade pact and the crude oil market
- OPEC’s challenge
- What does it mean for refiners?
- What to watch
Tables and charts
This report includes the following images and tables:
- US crude exports to China
What's included
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