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US-China trade deal: Implications for crude oil and refining

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17 January 2020

US-China trade deal: Implications for crude oil and refining

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.

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  • US crude exports to China

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    US-China trade deal: Implications for crude oil and refining

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