“The Iran war has revealed China’s enormous power over global oil prices, thanks to its position as the world’s largest buyer,” Axios reports.
“China’s reaction to the oil shock — by substantially withdrawing from buying on world markets — helped prevent the worst of the price spikes that experts thought would follow from the effective closure of the Strait of Hormuz.”
“Few expected that China could maintain this low level of oil buying without deeply damaging its domestic economy. But as the war approaches its sixth month, China has done just that.”
Save to Favorites