Trump Says China Agreed to Buy U.S. Oil at Beijing Summit
CNBC reported Thursday that President Donald Trump announced a China US oil deal during a pre-recorded Fox News interview, saying Beijing had agreed to purchase American crude. The remarks came after Trump’s first day of meetings with Chinese President Xi Jinping in Beijing.
What Trump Said About the Energy Agreement
Trump described Chinese demand for energy as essentially limitless, and framed American supply as the natural answer. He said Chinese vessels would sail to Texas, Louisiana, and Alaska to collect oil shipments. Trump also claimed the United States produces more oil and gas than Saudi Arabia and Russia combined. U.S. Energy Information Administration data cited by CNBC put American liquid fuel output at 23.6 million barrels per day in 2025. Saudi Arabia and Russia produced roughly 11.2 million and 10.5 million barrels per day respectively that same year.
Background: U.S. Crude Exports to China Had Collapsed
The announcement arrives after a sharp deterioration in American energy sales to China. U.S. crude exports to China fell 95% between 2023 and 2025, landing at just 8.4 million barrels for the full year. Total U.S. petroleum exports to the country dropped 25% year on year in 2025 as trade tensions weighed on flows. China filled much of that gap with Iranian crude, importing roughly 1.4 million barrels per day from Tehran in 2025. China accounts for around 90% of Iran’s total crude export volumes.
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Iran and the Strait of Hormuz
Beyond energy purchases, Trump said Beijing agreed to withhold military equipment from Iran and to support keeping the Strait of Hormuz open. China’s foreign ministry confirmed the two leaders reached fresh agreements on bilateral stability. Beijing separately called for a full ceasefire in the Iran conflict and urged a reopening of regional shipping lanes. China stopped short of publicly confirming any energy purchase commitment in its official readout.
Analysts Warn of Strategic Tradeoffs
Not everyone viewed the emerging deal as a clean win for Washington. Rush Doshi, a senior fellow at the Council on Foreign Relations, told CNBC the focus on commodity sales risks repositioning the United States as a raw-materials supplier to China rather than a technology and services partner. Wendy Cutler of the Asia Society Policy Institute noted the first day produced more ceremony than concrete deliverables. Trump and Xi held a working lunch Friday to close out the summit and finalize any remaining agreements.
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