US oil reserves hit 43-year low

The US Strategic Petroleum Reserve fell below three hundred million barrels for the first time in more than four decades, per Semafor. The drawdown accelerated since the US-Iran war began, and Brent crude prices spiked this week as Middle East negotiations stalled. Meanwhile, China has quietly developed an unusual advantage in global oil markets—it can vary its crude imports with little effect on its own economic growth, something that has confounded analysts. According to Bloomberg's Javier Blas, China is embracing an all-of-the-above energy strategy, leading in both emissions and renewable energy at the same time. The Economist suggests China's unrivaled ability to manage oil prices means it's effectively become the new OPEC.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton