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Beijing says that it will step up imports of US crude as part of a compromise deal hammered out in recent days that looks to have averted a trade war.
On the surface it’s a win-win: China would likely have imported more US crude in any case, and Trump can claim the resultant fall in his country’s trade deficit with China as a famous victory, even though the net effect on the country’s trade position will be near-zero (if the cargoes weren’t going to China they would go elsewhere).
China’s imports of US crude and LNG are set to soar as much as fourfold from $8bn to $20-30bn this year (see charts). (CONTINUED - 758 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Chinese Imports Of Us Oil ('000 B/D): Volumes Have Averaged Over 500,000 B/D For The Past Six Months With Crude Soaring To Now Account For More Than 50% Of The Total|
|chart||Chinese Imports Of LNG Have Also Become A Regular Fixture. Recent Deals Mean They Are Set To Grow Further ('000 T)|
|chart||China Spent A Record $1.71bn On Imports Of Us Oil & Gas In January. Reports Of Higher Volumes Still On Their Way, Together With Soaring Prices, Mean An Import Bill Of $20-25bn For 2018 (Up From $8bn For 2017)|