They have slashed their imports by almost 3.5 million B/D. This is basically the only reason that global prices have not shot through the roof.

How exactly they are doing it is not clear to me....but the why is: A global economic meltdown is not in their interest.

How long they can keep it up is also not clear. But a global recession would also decrease demand and depress prices a bit.


Link: https://www.bloomberg.com/opinion/articles/2026-05-08/iran-war-china-s-invisible-hand-is-rebalancing-the-oil-market?utm_source=website&utm_medium=share&utm_campaign=twitter