Trump Says China Will Buy U.S. Oil at Beijing Summit
CNBC reported Thursday that President Donald Trump confirmed a China-US oil purchase agreement during a pre-recorded Fox News interview, saying Chinese tankers would sail directly to Texas, Louisiana, and Alaska to collect American crude.
Trump framed the deal around China’s vast energy needs. “They have an insatiable appetite for energy, and we have unlimited energy,” he told Fox News, adding that U.S. output in liquids surpassed the combined production of Saudi Arabia and Russia.
Energy Deal Takes Center Stage at Beijing Summit
The announcement came as Trump and Chinese President Xi Jinping wrapped a two-day summit featuring an array of trade and business discussions. The two leaders held a tea session and working lunch on Friday to close proceedings.
American crude and petroleum exports to China fell 25% year-on-year in 2025, reaching 237.8 million barrels. Crude-only shipments collapsed more sharply, dropping 95% from 2023 to just 8.4 million barrels last year. The proposed agreement would reverse that steep decline.
Trump also said Beijing pledged to support ongoing Iran nuclear negotiations and to halt military equipment transfers to Tehran. He added that Xi wants the Strait of Hormuz kept open and free of tolls, a notable position given China’s deep reliance on Gulf shipping lanes.
Background: China’s Iran Oil Dependency
The Iran dimension carries significant weight. China absorbs roughly 90% of Iran’s crude exports, with imports running at approximately 1.4 million barrels per day through 2025, according to U.S. government data. Any shift in Beijing’s purchasing behavior could meaningfully tighten Tehran’s revenue base.
The U.S. Energy Information Administration placed American liquids production at 23.6 million barrels per day in 2025, compared with 11.2 million for Saudi Arabia and 10.5 million for Russia, broadly supporting Trump’s output claims.
Analysts Warn of Structural Limits
Not all observers viewed the summit outcomes as straightforwardly positive for Washington. Rush Doshi, a senior fellow at the Council on Foreign Relations, told CNBC that a U.S. strategy focused on selling commodities like oil, soybeans, and beef risks positioning America as a raw-materials supplier rather than a high-value technology partner. That framing, Doshi argued, may not serve Washington’s long-term competitive interests.
Wendy Cutler, senior vice president at the Asia Society Policy Institute, noted that the first day of talks produced goodwill but few hard deliverables, with leaders expected to finalise concrete commitments in Friday’s session.
China’s foreign ministry said the two leaders reached “a series of new consensus,” including a framework aimed at building strategic stability across the next three years and beyond.
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