This hasn't been talked about much but it may be one of the most consequential revelations of the US's war on Iran: the fact that China has effectively replaced OPEC as the global price setter for oil.
It isn't me saying it but Igor Sechin, CEO of Rosnef, the largest oil producer in Russia - itself a member of OPEC+ (https://t.co/ckinOaHzJ7)
And Sechin isn't alone in saying so: many Western analysts - such as Javier Blas, Bloomberg's top energy analyst - are essentially saying the same thing (see https://t.co/cpcCKLdMCv)
How so? Well, China has demonstrated during the Iran war an extraordinary ability to simply walk away from the market and slash its oil imports by millions of barrels per day - during a months on end.
At peak, they slashed imports by 5.5 million barrels per day, the equivalent of India's total consumption. They can, quite literally, switch an entire India's worth of demand on and off, at will.
This is mainly because they have immense strategic oil reserves, estimated to stand at 1.4 billion barrels (https://t.co/jyTb2Srcnz) - 4 times bigger than the US's (the world's second largest inventory).
In a nutshell, prices being, as everyone knows, set by supply and demand, China now controls the demand side in a bigger way than OPEC controls the supply side. So, as Sechin puts it, they now call the shots.
All the more given that OPEC is weaker than it's ever been with the recent loss of the UAE, the largest producer ever to walk out.
This is what effectively saved the world's economy during the Iran war: analyst after analyst predicted that the closure of Hormuz would make oil prices skyrocket to stratospheric levels, like $200-$300 a barrel (https://t.co/PTU64I3zGl).
However, Hormuz is still closed and prices sit at... $91 a barrel, after briefly peaking at around $110 in April (https://t.co/eufRaK4EnB). China almost single-handedly made this happen with their flexibility on the demand side: what Hormuz made the world lose in supply, China basically cut in demand, which stabilized prices.
Long story short, as the saying goes: "never let a good crisis go to waste." China used this one to effect a friendly takeover of the most powerful cartel on earth - without even joining it.
@minordissent no. dont try to “bully” your way through this. MGTOW is the answer anything else either puts you in prison or gets your kids murdered
Patrick Clancy clearly had enough of his wife whom he could not confront- he used passive aggressive means to retaliate- it got his kids murdered
@ZoomerChetBaker “They believe in Chinese superiority, they believe that Han Chinese is the master race. Everything they do is out of Chinese pride.”
^ show me an official state document, policy paper, or presidential decree that says any of this shit lmao
Under Sharia Law, Lindsay Clancy would’ve been publicly executed.
Thank God for European civilization, where a woman can get away with murdering her 3 children.
The answer is simple folks: we are going to PRINT THE BABIES
Some may call it transhumanism, but what’s the alphabet mafia got to do with it? The writing’s on the wall:
Industrial IVF
Embryonic Labs
Fertilizer Farms
Incubation Stations
We are going to PRINT, BABIES, PRINT
this is literally the first time in human history that there are more people over 65 than children under 5
i don't know who needs to hear this but there's no scenario where this demographic inversion ends well
@cirnosad Venezuela owed China $10Billion in investments, but repaid $50 Billion of what they owed
so which is it, did China “lose everything” or did it “flood oil markets” with all of this excess oil it has? you disingenuous retard
Los chinos leyendo a occidentales en Tuiter que piensan que viven en una democracia porque acuden a un concurso de popularidad patrocinado por el capital cada 4 años y pueden insultar al gestor preelegido por la oligarquía.