U.S. Treasury Secretary Scott Bessent acknowledges China's position on oil purchases but suggests an overall trade deal remains likely.

Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers.

Chinese refiners are asking for less oil from Saudi Arabia, with the drop possibly pointing to a reshuffle of global flows as more Russian crude becomes available, according to Energy Aspects Ltd.

Treasury Secretary Scott Bessent said China’s dependence on Iranian and Russian oil is a key issue in upcoming trade talks.

Their relationship is defined by a bloody border dispute, a vast power imbalance and a fierce contest for influence across Asia. Yet, President Donald Trump’s latest trade war may be achieving the unthinkable: pushing India and China into a wary but tactical embrace.

The Chinese government is boosting domestic production and the EV industry in the name of national security. There are 14 million chargers nationwide.

China's oil refining output remained strong in July, with increased utilization at state-owned refiners and a jump in crude oil imports.

China's Zhenhua Oil is set to double its oil offtake from Abu Dhabi National Oil Co to 200,000 barrels per day after taking on a new role leading development of one of the exporter's top oilfields, three Chinese industry sources said.