The crude stockpiles held by the country’s state-owned energy companies remain nearly full. Beijing appears not to have tapped its vast strategic reserves, and storage tanks at Chinese refineries are brimming with petrol, diesel and other refined products.

China was able to reduce imports so sharply in part because it had been buying more oil than it needed before the war. For years, it accumulated inventories whenever prices were low as part of a broader push to strengthen national self-reliance and improve its ability to withstand supply disruptions.

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[–] 8 points 4 months ago (1 child)

This is what happens when you have one side that sits back and plays some machiavellian chess, and another side that shits on a checker board and makes everyone roll around in it.

China is far from an honest actor, so don't think I'm saying this as a compliment. But China knows when to shut up, sit back, and let the other guy fuck themselves over.

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  • [–] 6 points 4 months ago

    Meanwhile, New Zealand has less than a month's worth of diesel in the country, sometimes as little as fourteen days.

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  • [–] 10 points 4 months ago (1 child)

    This feels a bit like marketing, trying to get investors to park their money in a more secure China. Probably not 100% a lie, but a bit. How big can those storage tanks be?

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  • [–] 13 points 4 months ago

    Last I remember reading China had reserves for 220+ days of usage.

    The US has been selling its reserves for a profit. Big brain move.

    1. Bomb Iran
    2. Jack up oil prices
    3. Sell all of strategic oil reserves
    4. Profit
    5. ???
    6. Oil Shortage
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  • [–] 3 points 4 months ago

    The article is contradicting itself. It is saying they are not tapping their reserves, because they bought excess before the war to accumulate inventories. Are they using their inventories or not? You can probably just sum up the whole article by saying they stored a lot of oil before the war (but are obviously using it if they are not relying on imports)

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  • 7 comments in c/globalnews@lemmy.zip view that post
    [–] 8 points 4 months ago (6 children)

    you ever think Xi just stares vaguely in the direction of the US and laughs his ass off to himself

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  • [–] 3 points 4 months ago (3 children)

    Trump should get a bullet to the head, don't get me wrong.

    But the US is a net exporter and doing fine selling it. Despite the yelling, is only about 40-60c more per gallon and still very cheap. It affects Europe and Asia much more than us directly.

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  • [–] 1 point 4 months ago (2 children)

    US does export most of it's oil, but at the same time they do import for local consumption as they have very few refineries for their own shale.

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  • [–] 2 points 4 months ago* (1 child)

    I don't disagree that it's not 1-1 and the US polictal system is broken, I'm just saying this doesn't align with reality. China makes the most money when free trade occurs and products can be cheap. Everyone is losing money but it's the non oil producing states that hurt the most.

    In terms of real impact Americans aren't even really feeling the brunt of it. 4$ is unnoticable to most Americans once you strip the rage machines generators from their lives.

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  • [–] 1 point 4 months ago*

    $4 price was entirely propped up by oil reserves and according to the latest reporting US only has 4 weeks of reserves left. So the true impact was delayed in the US, but despite the claims US is not isolated from price shocks. US oil companies are just able to generate profit at the same time as the crisis is happening.

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  • 5 comments in c/world view that post
    [–] 11 points 4 months ago (3 children)

    China for the past 30 years has over and over again shown one goal: To become an economic and military superpower.

    They are consistently and actively acting to weaken other countries influence and strengthen their own.

    Why are they supporting both sides in the Russian/Ukraine war? Because it's demolished the Russian military stockpile and made Russia dependent on China for goods.

    Why are they pushing so hard on renewables? It destroys the power of the oil countries over their economy.

    Why are the dumping billions into infrastructure construction like high speed rail? It is less dependent than air infrastructure on aircraft builders in the U.S and Europe.

    The most dangerous thing about China is the leadership is proactive in world events. World politics and economics are being constantly manipulated by the Chinese.

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  • [–] 8 points 4 months ago (1 child)

    China is by no means perfect, but framing a country doing exactly as what every country should be doing as somehow sinister or having nefarious motives smacks of deep anti-Chinese indoctrination.

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  • [–] 4 points 4 months ago

    Yes China is doing what other countries are doing including atrocity crimes.

    https://en.wikipedia.org/wiki/Persecution_of_Uyghurs_in_China

    https://en.wikipedia.org/wiki/Human_rights_in_Tibet

    Just like all the other superpowers historically have done.

    United states:

    https://en.wikipedia.org/wiki/United_States_atrocity_crimes

    Soviet Union:

    https://en.wikipedia.org/wiki/List_of_massacres_in_the_Soviet_Union

    Any country questing to become a dominant power over the planet needs to be feared. History is not on the side of the subjugated people.

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  • [–] 2 points 4 months ago

    If you've been sticking to the Paris Agreement, you'd be in a good position to not need oil.

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