China signals interest in US oil

President Xi Jinping told a delegation of U.S. business leaders in Beijing on Thursday that China was open to buying more American oil, according to a White House account of his talks with President Donald Trump. The comment gave U.S. officials one concrete item to point to after a summit that otherwise produced few announced commercial deals. The White House said Xi tied the idea to China's desire to reduce reliance on the Strait of Hormuz, a chokepoint for global energy shipments. No purchase volumes, delivery dates or signed contracts were announced. ### What exactly did Xi say about U.S. oil? The White House said on May 14 that Xi "expressed interest" in buying more U.S. oil during a meeting that ran more than two hours in Beijing. The readout said the two leaders agreed the Strait of Hormuz should remain open to support the free flow of energy, and said Xi opposed militarization of the waterway and tolls for its use. (money.usnews.com) Donald Trump later described the idea more broadly in media interviews, saying China wanted to buy oil from the United States and naming Texas, Louisiana and Alaska as possible supply points. CNBC reported Trump said Chinese ships would begin loading in those states, but no U.S. or Chinese side released a contract or a timetable to support that claim on Thursday. (money.usnews.com) ### Which U.S. executives were in the room? Xi met a group of top American executives in Beijing that included Apple Chief Executive Tim Cook, Nvidia Chief Executive Jensen Huang and Tesla and SpaceX chief Elon Musk, according to Forbes and other U.S. media reports. Reuters reported earlier that the White House had invited a scaled-back CEO delegation to accompany Trump to China, reflecting limited expectations for the summit. (cnbc.com) USA Today also reported GE Aerospace Chief Executive Larry Culp joined the trip. The presence of the executives gave the White House a business audience for any trade or investment announcements, but Reuters said no major commercial agreements were unveiled alongside the oil comments. (forbes.com) ### Why would China want more U.S. crude now? The White House's explanation centered on supply security. The readout said Xi raised U.S. oil as a way to reduce China's dependence on the Strait of Hormuz, which the U.S. Energy Information Administration said has been effectively closed to shipping traffic during the recent regional conflict, helping push Brent crude prices sharply higher. (usatoday.com) China is already the world's largest crude importer. Reuters reported in January that China's 2025 crude imports rose 4.4% to 557.73 million metric tons, or 11.55 million barrels per day, with December inflows reaching a record 13.18 million barrels per day. ### How much U.S. oil does China buy now? (money.usnews.com) Reuters reported that China halted its already small imports of U.S. crude in May after Trump's tariff increases on Chinese goods. That means any renewed buying would start from a low base unless state buyers or refiners moved quickly to place new orders. The U.S. side did not say whether any Chinese state company, private refiner or trading house had committed to specific cargoes. (marketscreener.com) Without named buyers, sellers or volumes, the oil interest remained a political signal on Thursday rather than a disclosed commercial transaction. ### Did the summit produce other concrete deals? (msn.com) Trump said in a Fox News interview that Xi had agreed to buy soybeans, energy and Boeing jets. Reuters and other outlets, however, reported that U.S. officials highlighted the prospect of Chinese energy purchases because the summit yielded few tangible deliverables beyond broad statements about business access and future investment. (msn.com) For now, the next test is whether named companies follow the political messaging with purchase agreements. Trump and Xi were scheduled to meet again in Beijing on Friday, May 15, as the two-day summit concluded with the U.S. chief executives still in the city. (cnbc.com) (msn.com)