Oil sales to the Asian nation have accounted for 6% or more of the economies of Iran and Russia in recent years Read more at The Business Times.

cross-posted from : https://lemmy.zip/post/66580854

The crude stockpiles held by the country’s state-owned energy companies remain nearly full. Beijing appears not to have tapped its vast strategic reserves, and storage tanks at Chinese refineries are brimming with petrol, diesel and other refined products.

China was able to reduce imports so sharply in part because it had been buying more oil than it needed before the war. For years, it accumulated inventories whenever prices were low as part of a broader push to strengthen national self-reliance and improve its ability to withstand supply disruptions.

    • makeshift0546@lemmy.todayEnglish
      41·
      13 hours ago

      Trump should get a bullet to the head, don’t get me wrong.

      But the US is a net exporter and doing fine selling it. Despite the yelling, is only about 40-60c more per gallon and still very cheap. It affects Europe and Asia much more than us directly.

      • BrikoX@lemmy.zipMEnglish
        2·
        12 hours ago

        US does export most of it’s oil, but at the same time they do import for local consumption as they have very few refineries for their own shale.

        • makeshift0546@lemmy.todayEnglish
          31·
          12 hours ago

          I don’t disagree that it’s not 1-1 and the US polictal system is broken, I’m just saying this doesn’t align with reality. China makes the most money when free trade occurs and products can be cheap. Everyone is losing money but it’s the non oil producing states that hurt the most.

          In terms of real impact Americans aren’t even really feeling the brunt of it. 4$ is unnoticable to most Americans once you strip the rage machines generators from their lives.

          • BrikoX@lemmy.zipMEnglish
            2·
            12 hours ago

            $4 price was entirely propped up by oil reserves and according to the latest reporting US only has 4 weeks of reserves left. So the true impact was delayed in the US, but despite the claims US is not isolated from price shocks. US oil companies are just able to generate profit at the same time as the crisis is happening.

    • Brummbaer@pawb.socialEnglish
      2·
      17 hours ago

      I do think they also helped getting Trump elected, but I’m not sure how I can blame China when the US is basically for sale due to corruption and capitalism.

      • sidebro@lemmy.zipEnglish
        0·
        15 hours ago

        I think Russia helped a lot with that as well, especially on social media