China’s next move may decide whether oil prices soar: Experts
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There have been signs that China’s oil imports might soon pick up.
PHOTO: REUTERS
Rebecca F. Elliott and Lisa Friedman
- China's oil demand is the key factor influencing global oil prices, as its current low imports keep prices down but a rise could cause prices to soar.
- The Russia-Ukraine war and US-Iran tensions disrupt supply, pushing diesel prices up and complicating the global energy market.
- China's large oil stockpile and energy alternatives give it market control, overshadowing traditional powers like OPEC and affecting global oil dynamics.
AI generated
The passage of oil tankers through the Strait of Hormuz has been slowed significantly by the persistent cycle of hostility between the United States and Iran.
But whether prices at the petrol pump rise or fall will depend not only on how much oil flows out of the Persian Gulf but also on decisions made by China.
