General Discussion

GreatGazoo

(4,809 posts)

1. I don't know if this narrative is part of the push for invading Iran or

Mon Jun 22, 2026, 03:32 PM

Monday

if it is just panic mongering for clicks but the oil shortage predicted in March has not materialized. Oil prices continue to drop.

There was a glut of oil last year and now there is even more production. Canada tripled exports.

There is also destruction of demand as China reduced consumption by over 30% within weeks.

It is fun to think that the economy is going to implode and we are all going to starve but that isn't reality.

China has slashed crude imports since the Iran war began, with May imports plunging 29% to 7.8 million barrels per day—the lowest level in eight years. Until recently, many analysts viewed those cuts primarily as a function of China's enormous oil stockpile and high crude prices. Now another explanation is emerging: China may simply need less fuel.

https://oilprice.com/Latest-Energy-News/World-News/China-Is-Learning-to-Use-Less-Oiland-Thats-a-Bigger-Deal-Than-It-Sounds.html

Iran supplying China and Pakistan by rail:
https://www.moneycontrol.com/world/iran-bypasses-us-blockade-with-rail-oil-exports-to-china-pakistan-freight-traffic-surges-article-13936437.html

China selling its excess fuel to Australia:
https://oilprice.com/Latest-Energy-News/World-News/Australia-Turns-to-China-for-Emergency-Jet-Fuel-Supplies.html

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

6 replies

= new reply since forum marked as read

Highlight:

Strategic oil reserves rapidly dropping [View all] SamuelTheThird Monday OP

I don't know if this narrative is part of the push for invading Iran or GreatGazoo Monday #1

China didn't reduce oil consumption by 30% in a matter of weeks SamuelTheThird Monday #2

Dan Dicker wrote a book 15 years ago GreatGazoo Monday #4

Exactly. Oil is going to be fundamentally over-supplied Melon Yesterday #6

Critical oil storage hubs hit decades-low levels with no relief in sight LetMyPeopleVote Monday #3

The MSM isn't covering this, but financial Gaugamela Monday #5