China spent years building a 1.2 billion barrel oil stockpile. Now it is using it to take control of the oil price.
“During the worst oil crisis in years, the world’s top crude buyer cut imports by 40%, from 11.6 million barrels a day in 2025 to around 7 million by June. Its economy still grew 4.3% last quarter, so weak demand cannot explain it. This was deliberate. Traders now call China the OPEC of oil demand. … Read more