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.

    • Brummbaer@pawb.socialEnglish
      3·
      10 days 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.

    • makeshift0546@lemmy.todayEnglish
      3·
      10 days 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.