How China’s Xi Jinping Turned Oil From a Weakness Into a Geopolitical Weapon - WSJ
How China’s Xi Jinping Turned Oil From a Weakness Into a Geopolitical Weapon - WSJ
Source: WSJ
―
DW NOTE
China bought a decade to build the Strategic Petroleum Reserve while prices were low, then watched the West hollow out refining capacity and let OPEC discipline slip. Now with Hormuz closed on day 61 and WTI still only at $83 — down 26% from its yearly high — Beijing can release stock into a disrupted market while its suppliers route through alternative corridors. The weakness wasn't dependence on imports; it was that everyone assumed dependence meant vulnerability.