U.S. President Donald Trump said China has agreed to buy American oil, in a pre-recorded interview with Fox News that aired Thursday evening stateside, as the two nations push for concrete trade and business wins at their ongoing bilateral summit.

“They’ve agreed they want to buy oil from the United States, they’re going to go to Texas, we’re going to start sending Chinese ships to Texas and to Louisiana and to Alaska,” Trump said in the interview that was conducted after his meeting with Chinese President Xi Jinping in Beijing on Thursday.

China also agreed to help with Iran negotiations and not to supply military equipment to Tehran, Trump said, adding that the Chinese leader would like to see the Strait of Hormuz open and free of tolls.

“They have an insatiable appetite for energy, and we have unlimited energy,” Trump said, saying that the U.S. produces more oil & gas than Saudi Arabia and Russia combined: “we’re doing twice as much oil and gas, as they are.”

The U.S. produced 23.6 million barrels of oil and other liquid fuel per day in 2025, according to the U.S. Energy Information Administration, while Saudi Arabia produced 11.21 million bpd and Russia 10.53 million bpd.

China is by far the largest buyer of Iranian oil, purchasing around 90% of Iran’s crude exports. The country imported around 1.4 million bpd of Iranian oil in 2025, according to data published by the U.S. government.

Meanwhile, the U.S. crude and petroleum exports to China plunged for a second consecutive year, falling 25% year on year to 237.8 million barrels last year. Crude oil exports, in particular, plummeted 95% from 2023 to about 8.4 million barrels in 2025.

China’s energy ministry and its foreign ministry did not immediately respond to CNBC’s request for comments on potential American oil purchases.

China said Friday that the two leaders had reached “a series of new consensus” during the Thursday meeting, including an agreement to build “constructive, strategic stability” in bilateral relationship for the next three years and beyond.

On the Iran war, Beijing called for a reopening of the shipping lanes as soon as possible, urging warring powers to work towards a “comprehensive and lasting ceasefire” and bring stability to the Middle East and Gulf region, according to a foreign ministry statement.

By focusing on the sales of oil, soybeans, and beef to China, without taking steps to limit the flows of certain high-tech goods, the U.S. appears to be “moving itself into the role of being more of a commodity supplier to China, said Rush Doshi, a senior fellow at the Council on Foreign Relations, adding that it may not be in Washington’s long-term interests.

Despite signs of progress on building mechanisms to manage future relationships, the two countries are inevitably bound by an intensifying rivalry that limits how far their cooperation can go, Doshi said. Beijing’s framing of a “new positioning” for the bilateral ties also leaves little room for Washington to push back on economic and technology issues, he added.

Trump and Xi met on Friday for a tea session and working lunch to close out the two-day summit which has featured pageantry and business dealmaking. Beijing also made a clear warning that the Taiwan issue would be a determining factor that could push the bilateral ties into a tailspin.

“The first day of meetings went as well as they could go … but what we didn’t see were actual deliverables,” said Wendy Cutler, senior vice president at Asia Society Policy Institute, who expects the leaders to continue hashing out final deliverables for the second day.

“Each side has an interest in stability right now, [but] this doesn’t mean we’re going to become best friends,” Cutler added, as both sides used the opportunity to gain more time to de-risk in critical sectors, such as rare earths and advanced technology.

After a private discussion, which lasted about 10 minutes, the two leaders walked through the gardens of Zhongnanhai, a walled government compound where top officials from the ruling Communist Party live and work.

The two sides made “fantastic trade deals,” Trump said.