Trade Deal Could Propel U.S. to Top of China’s LNG Supplier List

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Trade Deal Could Propel U.S. to Top of China’s LNG Supplier List

A pact this year between the world’s two largest economies the bank’s base case will likely lead to large Chinese purchases of American LNG, whi

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A pact this year between the world’s two largest economies the bank’s base case will likely lead to large Chinese purchases of American LNG, which would help shrink the U.S. trade deficit, it said in a report. This would help boost […] wrote. Not only could it reduce the U.S. trade deficit with China by $17 billion annually, it might also help China save $1.8 billion a year in energy costs, the bank estimates.

There may also be major implications for the global LNG market. The U.S. is bringing on new projects and is set to become the No. 1 supplier. All that production needs to find a home, and China is expected to take the title as top importer some time early next decade. Without a deal, it is likely to turn to other countries including Russia, Australia and the Middle East to fulfill its gas demand, Morgan Stanley said.

China’s imports of American gas have ped since Beijing […] duty on the fuel in September in a series of tit-for-tat tariffs. Pressure has mounted after the duty was raised to 25% June as a deal remained elusive. Trump is seeking a meeting with Xi at the upcoming Group of 20 summit in Japan, threatening to raise tariffs on China again if it doesn’t happen.

A “no deal” scenario would […] offtake agreements.

It would also push China to buy more gas existing suppliers, with Russia’s Gazprom PJSC and Woodside Petroleum Ltd. in Australia seen as key beneficiaries. While there is still sufficient supply under this scenario, the cost of imports would likely be higher than U.S. LNG, the bank said.

To contact the reporter on this story: Stephen Stapczynski in Singapore at [email protected]

To contact the editors responsible for this story: Ramsey Al-Rikabi at [email protected], Jasmine Ng

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