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.”
China should get together with Europe and Russia to negotiate with Iran. Talks between the US and Iran have stalled. The war not China is controlling the price of oil. As the world’s biggest oil importer, China should want the war to end.
They can’t do that if the US is blowing up any ship that Iran lets through the strait. They can only negotiate with Iran, not with the US.
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.