US Energy Secretary Says China Will Be Bigger Buyer of US Crude Oil
US Energy Secretary Chris Wright stated that China, currently a major buyer of Iranian oil, will purchase more US crude amid the ongoing conflict with Iran. Wright also predicted a reduced importance for the Strait of Hormuz as Middle East nations expand pipeline capacity.
cnbc.comUS Energy Secretary Chris Wright said he believes China will be a bigger buyer of US crude oil. Wright, who described Beijing as a major purchaser of Iranian oil, made the assessment in an interview with CNBC. He added that he expects growth in pipeline capacity through Saudi Arabia, the United Arab Emirates and other Gulf countries.
"There’ll be other routes for energy to get out" of the Gulf region, Wright told CNBC. " He described the Gulf nations as great allies of the United States and key energy suppliers to the world, saying the region needs prosperity, peace and economic growth.
Chinese Foreign Minister Wang Yi said Beijing believes a solution to issues in the Strait of Hormuz lies in achieving a permanent and comprehensive ceasefire between Washington and Tehran. Wang’s comments were shared by China’s official Xinhua news agency.
Wang said President Xi emphasised in talks with Trump that force cannot solve problems and dialogue is the only right path. "Negotiations will not be achieved overnight, but once the door to dialogue has been opened, it should not be closed again," he added.
China has been working to promote peace talks and will continue pushing for an end to the fighting and restoration of peace in the Middle East, Wang stated.
