China’s Oil Stockpile Helps Curb Price Spike During Iran War
Energy analysts said Beijing’s 8.1 million barrels a day of second-quarter imports helped blunt price spikes as the conflict strained global supply routes.
- China's strategic oil reserve of about 1.4 billion barrels has tempered global price spikes as the Iran war enters its sixth month, with Beijing cutting crude imports 32% in the second quarter.
- President Xi Jinping made energy self-reliance a cornerstone of China's latest five-year plan to shield against foreign supply disruptions, which former senior CIA analyst Jonathan Czin called "a vindication of Xi's last five-year plan and his focus on self-reliance."
- Energy analysts credit Beijing's slashing imports to 8.1 million barrels per day with moderating global prices, as Michael Lynch, president of Strategic Energy and Economic Research, noted China "didn't panic and by turning to their inventories they kept the price down for everybody."
- Chinese President Xi Jinping arrives in Washington next week amid diplomatic tensions, as President Trump prepares to meet Gulf Cooperation Council leaders Tuesday in New York; the Trump administration has urged Beijing to press Iran to reopen the Strait of Hormuz, though Chinese officials oppose the U.S. war.
- Bank of America analysts forecast oil at $83 a barrel for the second half of the year but warn prices could spike to $150 if violence escalates, as Iran-backed militias attacked this month, Saudi Arabia shut a Red Sea pipeline, and Yemen-based Houthis seized strategic islands to disrupt shipping.
30 Articles
30 Articles
Oil prices are high but could be much worse, Trump has China's Xi to thank for that
When President Donald Trump launched his war against Iran in late February, energy analysts issued dire warnings that oil prices could more than double during a protracted conflict and urged investors and motorists to buckle up for a bumpy ride.
The Toronto Star
Oil prices are high but could be much worse. Trump has China’s Xi to thank for that
WASHINGTON (AP) — It could be much worse.
Associated Press News
Oil prices are high but could be much worse. Trump has China's Xi to thank for that
President Donald Trump’s conflict with Iran has not led to the doomsday oil price spike many feared at the start of the war.
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