While China’s oil and gas imports from Gulf nations plunged in April amid the Strait of Hormuz crisis during the US-Israeli war on Iran, shipments from Russia have provided Beijing with a partial buffer for its growing economy. Russia’s crude shipments to China rose 11.3 per cent year on year to nearly 9 million tonnes in April, according to Chinese customs data released on Wednesday. But market conditions have also shifted. Much of the discount on Russian oil and gas – long a source of cheap...
A prominent American business group in China has called for expanded energy trade between the world’s two largest economies – a move first floated by US President Donald Trump during his state visit to Beijing last week. Analysts, however, warn that uncompetitive pricing could limit Chinese demand. “Energy remains a centrepiece of the bilateral relationship,” said Markel Hubinette, who sits on the American Chamber of Commerce in China’s board of governors. Speaking at the Global Trade and...