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U.S. energy secretary says China likely to grow purchases of U.S. crude as exports expand
Summary
On-site at Golden Pass in Port Arthur, Energy Secretary Chris Wright said he expects China will increase purchases of U.S. oil and that U.S. exports from the Gulf and Alaska will rise; CNBC noted reports of possible Chinese agreements but said Beijing had not confirmed purchases.
On site at the Golden Pass liquefied natural gas facility in Port Arthur, Texas, U.S. Energy Secretary Chris Wright said he expects China to become a larger buyer of U.S. crude and petrochemical feedstocks as American exports grow.
"China is the largest importer of oil and natural gas in the world," Wright said, and "I suspect we'll see a growth in their oil imports from the United States." Brian Solon, the CNBC reporter on site, said the Golden Pass facility recently loaded its first cargo and described the plant as a major new export point.
The comments followed early reports that China may have agreed to buy U.S. crude; the program's anchor, Joe Kernan, noted that CNBC had reached out to Chinese authorities and had not received confirmation. Wright framed the expectation as part of a broader shift in U.S. energy trade, saying more crude from the Gulf — and, over time, more supply from Alaska — will flow to Asian buyers.
Wright said the United States has sold ethane and oil overseas "on and off through the years" and that growing volumes of U.S. crude and LNG will supply neighbors and Asian markets. He added that America is increasing its role as an energy exporter, pointing to new export infrastructure such as Golden Pass.
The interview is continuing later in the day in Louisiana, according to the CNBC hosts.
