Look at it another way. 114,000 bbl/day at $60/bbl times 365 days/year = $2.5 Billion/year. Payback in less than 2 years. A lot of oil from a non-arab source. China gets a one time payment and some on-going profit. What's not to like about it.
Oil from a non Arab source is also fine.
One time payment to China---not exactly correct.
There are whole industries worth hundreds of billions supplying these very same oilfeild products.
Maintaining an oilfeild is an ongoing process. Stuff breaks, blows up, wears out, and needs replaced.
Because of the trade policies of China, we buy billions and hundreds of billions in this industry and others from them.
Yet, China's policies, and more importantly the structure of China's economy don't allow for those dollars to translate into a new market in and of itself that may or may not relate to oil at all, at least not up to its potential.
My point is, other countries, if we buy $20 billion in products from them, it will be roughly the same price or maybe slightly different....but cheap none the less.... But then we can turn around and target the people who we just gave the $20 billion to...
Which we are not doing now regarding China.
I refer to this concept as an ecosystem of economics.