Expert: China has lost the ability to contain the situation in the oil market
Quick Look
Director of the Energy Development Fund Sergei Pikin said that China can no longer effectively balance the oil market due to the onset of the autumn-winter period and changes in the global geopolitical situation.
AI-generated summary
Why It Matters
The conflict between the US and Iran has an impact on the global oil market. China has previously used lower refining volumes to stabilize the market.
China no longer has the ability to contain the situation in the oil market as before. This was stated by the director of the Energy Development Fund, Sergei Pikin. He was quoted by NSN.
Pikin noted that when the conflict between the United States and Iran was just beginning, China had the opportunity to soften the situation on the market by reducing processing volumes. But now that the autumn-winter period is approaching, the PRC can no longer balance as easily as before.
In addition, it became clear that the market would not return to its original state.
According to him, it is no longer possible to predict the situation for decades. Even what will happen before the end of the year is in doubt.
Open Questions
- What specific measures will China take in the face of shortages?
