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.
A Palestinian woman hugged her olive tree one last time as Israel continues to uproot dozens of trees in the occupied West Bank – just weeks before the traditional olive harvest known as "mawsim al-zaytoun."
China’s warning to the United States can be translated as:
You can overthrow Maduro.
You can kidnap him.
You can rewrite Venezuela’s politics.
You cannot rewrite China’s contracts.
China–Venezuela commercial agreements are protected by international law and by the laws of both countries.
Washington is not a party to those contracts.
Regime change does not magically erase Chinese assets, debts, concessions or commercial rights.
And Beijing’s last sentence is the actual warning:
China’s lawful rights and interests in Venezuela must be protected.
In plain English:
Whatever you do to Caracas, keep your fucking hands off China’s property.
Since the Epstein Coalition waged war against Iran, Arab family dictatorships have claimed that 41 people were killed by Iranian missiles and drones. That shows how careful Iran is in preventing civilian casualties.
Meanwhile, these criminals bomb schools, hospitals, weddings...
My 5,000 word Tribune piece on UK’s Israel lobby—and its dual strategy for capturing the British political system—is now out from behind the paywall
Same strategy is being pursued in US and across Europe
Read it all here. Anatomy of the Israel Lobby👇
https://t.co/w0J77zD9bO
CNN conveniently leaving out the suspected cause of the algae bloom - Israel’s genocide of Gaza and their destruction of sewage treatment plants. Justice is coming. Even the earth is bearing witness.
To add context: this isn’t some secret rogue plan.
This is his election platform.
He’s saying, “vote for us and we’ll ethnically cleanse Gaza.”
Because he’s seen the polling that says 82% of Jewish Israelis support complete ethnic cleansing.
A foreign military is getting more and more bases, control and domination over our country.
Labor, the Coalition and One Nation are all celebrating this.
They are not on our side.
Just when you thought German foreign policy couldn't sink any lower...
Germany approves nearly $930M in arms exports to Israel amid Gaza genocide
https://t.co/JMssKmxGHw
The only place we go to feel a little relief is the sea. We sit with friends, talk, and feel some contemplation. An hour ago we were sitting there when suddenly the Israeli ships opened intense fire on us. We fled the place immediately, by a miracle.
I felt as if the sea itself was rejecting us too.
There is not a single safe place in Gaza. There is no place where we can forget all our pain even for a few minutes. Damn Israel and this vile world.
In a functioning democracy, these police would be immediately stood down, and charged.
And their Commander and Minister hauled before parliament to explain.
And an audit of all available body-cam and other footage.
And a forensic investigation into the chain of command that apparently encouraged this brutal police behaviour.
👉 NSW Police Officer, the state’s finest:
“I fucking pumped that cunt.
“And then I punched him in the head when he was down.”
“I saw that,” a female Police colleague responds, laughing.
👉 https://t.co/9oXG1qz1AL
Australia and the United States announced a combined $580 million in funding for the Pacific Islands as they battle China for influence in the region https://t.co/hLy3H0oxSB