US-China energy trade looks set for revival, after the signing of the Phase One trade deal. Nevertheless, China will struggle to deliver on the USD52.4bn increase in energy purchases from the US specifed under the terms of the deal. The US has both the scale and fexibility of supply to increase exports to this level, for both oil and natural gas. However, Chinese demand will likely prove lacking, as oil consumption growth slows while rising gas domestic production and an increase in pipeline imports crowds out LNG.
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