The US-China trade war may escalate to energy
A trade reconciliation between Washington and Beijing may come too late for the US oil and gas industry
If China's leadership can draw one lesson from 2019, it is that there are risks to relying on other nations. US export bans on technological components to ZTE and Huawei raised questions about the wisdom of relying on the US for critical inputs to the economy. While the focus has so far been on technology it is certainly possible that the US could extend this to energy, which is similarly vital to the functioning of the Chinese economy. While China has little or no direct exposure to US energy exports, it does not mean that China is immune to US policy. The recent US blacklisting of dozens of tankers operated by Cosco has resulted not only in a spike in very large crude carrier (VLCC) rates
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
