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 his ongoing bilateral summit with Chinese President Xi Jinping in Beijing. Speaking in a pre-recorded Fox News interview, Trump said Chinese ships would travel to Texas, Louisiana, and Alaska to collect American crude. He described China as having an “insatiable appetite” for energy and argued that the U.S. outproduces both Saudi Arabia and Russia combined.

Summit Produces Energy and Trade Pledges

Trump told Fox News that Beijing had agreed to purchase American oil, soybeans, and beef, calling the outcomes “fantastic trade deals.” He also said China would support Iran negotiations and halt military equipment supplies to Tehran. Trump added that Xi wants the Strait of Hormuz kept open and free of tolls, a significant statement given the ongoing conflict disrupting Gulf shipping lanes.

According to the U.S. Energy Information Administration, American output of oil and liquid fuels reached 23.6 million barrels per day in 2025. Saudi Arabia produced roughly 11.2 million bpd and Russia approximately 10.5 million bpd over the same period.

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A Collapse in Trade That Pre-Dates the Summit

The announcement comes after a steep decline in bilateral energy flows. U.S. crude exports to China fell 95% between 2023 and 2025, dropping to just 8.4 million barrels for the full year. Total U.S. petroleum exports to China slid 25% year-on-year in 2025, reaching 237.8 million barrels. Meanwhile, China imported roughly 1.4 million barrels per day of Iranian crude in 2025, making it by far the dominant buyer of Tehran’s oil exports.

China’s energy and foreign ministries had not responded to requests for comment on the potential purchase agreement by the time of publication.

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Analysts Warn on Long-Term Strategic Costs

Not everyone views the commodity-focused deal as straightforwardly positive for Washington. Rush Doshi, senior fellow at the Council on Foreign Relations, told CNBC that prioritising raw material sales over technology policy risks positioning the U.S. as primarily a commodity supplier. He cautioned that Beijing’s framing of a “new positioning” in bilateral ties leaves limited room for Washington to press economic and technology grievances.

Wendy Cutler, senior vice president at the Asia Society Policy Institute, noted that the first day of meetings produced little in the way of concrete deliverables, with both sides still expected to finalise tangible outcomes on the summit’s second day. Beijing separately warned that the Taiwan question remains a potential flashpoint capable of derailing broader progress.

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