Crude oil

"Phase one" trade deal could spur Chinese purchases of U.S. energy

The newly inked "phase one" U.S.-China trade deal calls for China to boost purchases of U.S. energy products — including crude oil and liquified natural gas (LNG) — by $52.4 billion over the next two years.

Why it matters: China is the world's largest oil importer and second-largest LNG consumer.

The decade's biggest unexpected boom

A chart showing an increase in shale oil production.
Data: EIA; Chart: Axios Visuals

Shale dominated the 2010s, even more than the iPhone or cloud computing. That's the claim made by blogger and investment adviser Josh Brown, who sees the U.S. shale boom causing a collapse in energy prices that had enormous economic and geopolitical consequences.

By the numbers: The U.S. currently produces roughly 12.7 million barrels of oil per day. That's an all-time high, and is more than double the 6.1 million expected 1o years ago.