"The Chinese Economy Is Built On Oil And They Are Dependent On Oil" – Giacomo Prandelli, The Merchant’s News

Global oil markets have demonstrated unexpected resilience despite geopolitical instability in the Middle East and the Russia-Ukraine conflict. While initial projections anticipated significant price spikes, the market stabilized through strategic releases from the U.S. Petroleum Reserve and the emergence of alternative supply routes. The global refining infrastructure remains a critical point of fragility, particularly as Ukrainian drone strikes on Russian facilities disrupt fuel production and force Russia to seek refined products from allies. China continues to exert significant influence on demand, leveraging its massive strategic reserves and adjusting import strategies to navigate sanctions. Meanwhile, the U.S. has solidified its position as a dominant global energy supplier, effectively balancing domestic production with international export requirements to maintain market stability. This shift toward a more mercantilist energy landscape underscores the evolving competition between major economies for control over essential commodity flows.