One of the reasons why the price of oil failed to soar during the "actively kinetic" phase of the Iran war, when shipments through Hormuz were effectively halted and the world faced a shortage of about 10-15 million barrels of oil per day, is that Chinese oil demand suddenly evaporated. Whether due to a sharp slowdown in the economy (which, after the sudden "recap" of China's banks, appears quite likely) or due to an aggressive drain of China's strategic reserve, the reality is that, as discussed here extensively, both Chinese oil imports... ...…
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