movielover said:
You skip the biggest plays:
- Russian transshipments blocked
- China neutered
How has China been neutered?
Please explain.
Venezuelan oil shipments made up only 4% of China's oil imports last year.
Trump's maneuver may have hurt the "teapot" refiners who process deeply discounted sludgy high-sulphur crude that's used to produce bitumen for construction and road building, but that's about it.
Meanwhile, the hoard of sanctioned sea oil continues to expand.
This will cushion Chinese buyers in coming months.
Almost 82 million barrels is currently on tankers in waters off China and Malaysia.
Mostly Iranian crude.
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