New research shows a sharp increase in expected low-carbon investment this year by oil and gas companies, despite volatile market conditions.
The terms of the trade deal imply an absolutely massive increase in Chinese imports of U.S. energy, and if this actually comes to pass, it will have serious disruptive effects across global markets.
Quantities were not specified in the accord and analysts were unclear how quota sales will work.
Imports averaged 10.12 million bbl/d, an increase of 882,000 bbl/d.
Refining sector is primed for investment, says agency, but the country will be more vulnerable to supply disruptions.
From May 1, foreign firms registered in China with net assets of 300 million yuan (US$43 million) will be allowed to take part in oil and gas exploration and production, the ministry of natural resources announced at a news conference.
Oil prices jumped nearly $3 on Jan. 3 after a U.S. air strike in Baghdad killed the head of Iran's elite Quds Force.
Over the past couple of months, Singaporean gas importer Pavilion Energy canceled the loading of a U.S. LNG cargo and some Chinese companies were offering to resell cargoes.
Oil rose further above $67 a barrel to its highest in over three months on Dec. 26, buoyed by a report showing lower U.S. crude inventories, by hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.