China steps in as Iran war drains US oil reserves to 40-year low | Iran: the Latest news

By The Telegraph

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As Donald Trump’s Iran war drags on and hostilities continue in the Strait of Hormuz and Red Sea, global energy markets are being reshaped - not by OPEC or the US, but by China. On today’s episode of Iran: the Latest, Venetia Rainey talks to world economy editor Ambrose Evans-Pritchard about how Beijing has weaponised its internal oil demand to keep oil prices stable and bypass Saudi Arabia, even as US Strategic Petroleum Reserves have plunged to their lowest level since 1983. Why have oil prices remained largely stable and are those figures masking underlying economic turmoil? Plus: how the blockade of the Strait of Hormuz is pushing Iraq to the brink of total economic collapse and the worrying news of a recent Pew Survey measuring attitudes towards the US vs China. CHAPTERS 00:00 - Introduction and Episode Outline 01:29 - How China Reduced Its Global Oil Demand 03:39 - US Strategic Petroleum Reserve Hits 40-Year Low 05:15 - China Bypasses OPEC in Global Oil Market 08:5

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