- cross-posted to:
- hackernews@lemmy.bestiver.se
- cross-posted to:
- hackernews@lemmy.bestiver.se
This ability to turn oil demand on and off, ostensibly at low economic cost, allows the world’s biggest oil importer to move prices just as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies have long done through their control of half of global output. And as the cartel is weakened by the recent departure of the United Arab Emirates and strained production capacity of its remaining Gulf members, China’s market power is growing. As one oil-trading boss puts it, “China is the new OPEC.”
Yes, China should get together with Europe and Russia to negotiate with Iran. If a deal is reached, Trump would be pressured to accept especially if countries such as Pakistan, India, and Saudi Arabia like the deal.