China seems to use its strategic petroleum reserve to dampen global oil prices during the Iran war

Recently, there have been several news reports about China lowering its oil imports.

Not only the US has a Strategic Petroleum Reserve!

Which other countries are doing the same?

"China: Estimated to hold the world's largest massive national stockpile at roughly 1.3 billion barrels." (Google search)

"... Beijing’s deployment of its mammoth strategic petroleum reserve. The Chinese are saying “we have saved the world for a second time thanks to our foresight,” Ek says.

Many analysts attribute the fact that the worst fears on oil prices have not (yet) been realised to Beijing’s careful release of barrels into its domestic market, and its restrictions on product imports and exports. ...

The People’s Republic of China (PRC) is tight-lipped on the state of the strategic petroleum reserve. It consists of two parts: one under the direct control of the state and the other, larger element, within the state-owned oil companies.

Before the war, the US Energy Information Administration estimated that it totalled about 1.4 billion barrels — enough to cover more than 100 days of imports. ..."

China and its strategic petroleum reserve | AGBI

Source

Venezuela reforms its socialist oil policies, and production soars with Trump’s help

Good news!

"The South American country appeared to take another big step in that effort this week when acting President Delcy Rodriguez signed regulations reforming Venezuela's main oil law. 

Under the new regulations, the country’s national oil company, Petróleos de Venezuela SA (PDVSA), effectively loses control of Venezuela’s vast oil resources. 

Under the former communist regime, the country’s oil industry floundered. In May 2021, Venezuela was producing less than 600,000 barrels of oil a day, despite having the world’s largest oil reserves. This past May, it was producing nearly 1.2 million barrels of oil per day. 

Venezuela nationalized its oil industry in the 1970s. Then in 2007, former President Hugo Chávez forced foreign oil companies to surrender majority stakes to the state, which resulted in the departure of ExxonMobil and ConocoPhillips. Of the big players, only Chevron acquiesced to the communist leader’s demands.  ..."

Venezuela reforms its socialist oil policies, and production soars with Trump’s help | Just The News "Venezuela’s acting president, Delcy Rodriguez, this week signed regulations reforming the country’s main oil law, and American oil companies are looking to invest."

Gas Prices Rise like a Rocket & Fall like a Feather. Really!

Nice headline! But a false narrative and possibly junk journalism!

Of course, spot/future markets react immediately to bad news etc., while the reverse can not be said about good news. This is usually referred to as risk aversion! This has been well known for decades in economics and finance etc.!

Gas Prices Rise like a Rocket & Fall like a Feather - Pacific Research Institute "With the prospect of the war in Iran coming to an end, oil prices have collapsed. Gasoline prices have not fallen at the same rate, however. In response President Trump claimed, “customers are being gouged.” Worse, he has “instructed the DOJ to immediately start looking into this.” His claim demonstrates a lack of understanding of the oil market and risks higher gasoline prices long-term."

Higher Oil prices? China mysteriously reduced warplane activity near Taiwan over the past three weeks

Good news! 😊 Maybe a welcome relief for Taiwan!

" Could it be high fuel prices, or a desire to avoid upsetting U.S. President Donald Trump? What about China’s annual political confab in early March? Analysts have offered different explanations for a recent trend: a net reduction in daily Chinese fighter plane activity near Taiwan over the past three weeks. ..."

Oil prices, fear of Trump? China mysteriously reduced warplane activity near Taiwan

Libya: Global Oil Giants Return for First Time Since the Fall of Gaddafi

Good news!

(267) Libya: Global Oil Giants Return for First Time Since the Fall of Gaddafi | Firstpost Africa | N18G - YouTube

US Signals India to Buy Venezuelan Oil Deal

Good news!

Venezuela approves bill to open up oil sector

Good news! Prosperity for the people of Venezuela!

Why the World Is Awash With Cheap Oil

Recommendable!

The United States, Canada, and Latin America now account for over one-third of global oil production

Good news! I was not aware of this fact. This is huge!

"... the United States has quietly assembled something approaching energy dominance across the Western Hemisphere, and the economic implications are only beginning to come into view. ...

The United States, Canada, and Latin America now account for over one-third of global oil production—a figure that has been steadily rising and, by some estimates, approaches 40 percent, according to Bloomberg ...
Between 2012 and 2022, the Western Hemisphere’s share of world oil output jumped from 27 percent to 34 percent, with all net growth in global supply during that period coming from the Americas.

The shale revolution, Canadian oil sands, Brazilian offshore discoveries, and emerging producers like Guyana have fundamentally rebalanced global energy markets. ..."

Breitbart Business Digest

The US seized an oil tanker off the coast of Venezuela that has illicitly transported Iranian oil and Venezuelan oil

This is quite a story about this ship! This was the best report about this incident I have seen.

My impression was that quite a few media news outlets reported this incident via headlines as if President Trump capriciously (or illegitimately) seized this ship!

"The United States seized an oil tanker, Skipper, off the coast of Venezuela on December 10 that has illicitly transported Iranian oil. This seizure will likely increase Iran’s concerns that the United States and its allies may seize Iranian vessels to block Iranian oil exports.

Skipper’s beneficial owner and operator is Nigeria-based Thomarose Global Ventures Ltd., and its registered owner is Marshall Islands-based Triton Navigation Corp.

US Attorney General Pam Bondi stated that Skipper has transported sanctioned oil from Venezuela and Iran. Skipper has also conducted at least two ship-to-ship transfers to export illicit Iranian oil to China in 2025, according to two maritime analytics firms.  The United States sanctioned the vessel in 2022 for its role in illicit Iranian oil shipments under the vessel’s former name Adisa. ..."

Iran Update, December 11, 2025 | Critical Threats

Global oil prices sink to lowest level in three years after Trump tariffs

This might drive some sweat on Putin the Terrible's face especially if the oil price continues to drop!

"The combination of the tariffs and the Saudi-led response dropped Brent crude oil prices down to just $65.58 a barrel."

Global oil prices sink to lowest level in three years after Trump tariffs | Just The News

The US is producing more oil than any country in history

Good news!

Despite all the highly irrational enmity/animosity towards fossil fuels in the name of the Global Warming hoax and Climate Change religion!

Forcing a rapid phase out of fossil fuels is pure human folly!

Despite the fierce opposition of the senile, demented and corrupt 46th U.S. President to domestic oil production and processing from day one in office!

"... Last month, weekly US oil production hit 13.2 million barrels per day, according to the US Energy Information Administration. That’s just above the Donald Trump-era record of 13.1 million set in early 2020 just before the Covid-19 crisis sent output and prices crashing. ..."

The US is producing more oil than any country in history | CNN Business

Credits: Human Progress Weekly Progress Roundup

Chevron to buy Hess for $53 bln in major oil deal

Wow! This is the second big American oil deal within a few weeks! 

Pioneer Exxon: Massive $60 billion deal expands Texas oil production

Good news! Bravo!

While the senile, demented and corrupt 46th President does everything in his power to undermine U.S. energy independence and plunders the Strategic Petroleum Reserve on a large scale, Exxon takes the lead!

"Exxon Mobil announced Wednesday it was buying the shale drilling firm Pioneer Natural Resources for $59.5 billion, as the Houston-based oil giant seeks to expand its presence in West Texas in its largest deal since its merger with Mobil more than two decades ago.

Exxon CEO Darren Woods described Irving-based Pioneer as controlling some of the "most attractive acreage" in West Texas's Permian Basin that, when combined with Exxon's technological prowess, was going to expand production out of the region. ..."

Pioneer Exxon: Massive $60 billion deal expands Texas oil production

How Oil Can Transform Brazil

Recommendable! But it celebrates this leftist Lula a bit too much!

Energean begins Israel's first crude oil exports

Good news! Bravo! 

"Energean plc ... announced today[2/14/2023] that Israel had joined the crude oil exporters club, when the company began exporting hydrocarbon liquids from the Karish offshore field. ..."

Energean begins Israel's first crude oil exports - Globes Energean said that the first cargo marketing agreement for the crude oil is with global independent oil trader Vitol.

Fiscal Federalism and the Dependency of Atlantic Canada by Fraser Institute

When the oil rich province of Alberta largely finances huge subsidies to Atlantic Canada! Alberta, a milk cow no more?

"Fiscal federalism, the massive and unbalanced flow of federal money to and from the provinces, will create a huge fiscal challenge going forward for at least three reasons: economic difficulties emerging after the COVID-19 pandemic, the overhang of provincial and federal deficits prior to COVID-19, and, most importantly, the decline of the energy industry, which arguably funded fiscal federalism in past years. For more than a decade, Alberta’s taxpayers have funded the lion’s share of federal fiscal transfers flowing predominantly to Atlantic Canada and Quebec. The decline of the energy industry will dramatically reduce this source of funding. ..."

Fiscal Federalism and the Dependency of Atlantic Canada | Fraser Institute

Saudi Arabia and Russia are gambling with oil supplies

Recommendable!

"As the world’s biggest oil producer with relatively high operating costs, the US is the supplier most exposed to a price war sparked by the rivalry of the second and third largest oil producers. ... 
[In September of 2019] Putin suggested the Saudis could better protect their population if they followed the Turkish and Iranian precedents of investing in Russian missile systems. The remarks were pointed, as the Saudis had cemented a deal to buy US Patriot missiles. ..."

Saudi Arabia and Russia are gambling with oil supplies | The Strategist: Poker games get no bigger than this. Saudi Arabia’s Prince Mohammed bin Salman has gambled that a threatened cut of almost US$1 trillion to global oil revenue will force Russia’s President Vladimir Putin back into ...