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re: China aggressively selling oil
Posted on 4/23/26 at 6:27 am to dkreller
Posted on 4/23/26 at 6:27 am to dkreller
I have recently read that the Russian economy is near collapse as result of the Ukraine bombing of their oil facilities. Chinas has a very serious economic crisis ahead as well as a result of their long policy of allowing only one child per family. Now the younger workers who don’t have the ambition as their parents, part of the blame goes to Covid when they realized the didn’t have to work. There are know not enough employees to support their older retiring population. The Chinese government made up of a very small upper class referred to as Princeely class is beyond the corruption we can understand. They presently have a struggle for the top and some believe that Xi could loose his position to one or more people from their armed forces. It’s a serious cluster in China right now. Saying that China is playing Trump is a complete misunderstanding and bad take by people who discount him and would rather seethe USA fail so long as Trump fails. We are less than two months into this and we are changing the world for the better of civilization on earth. Be patient, maybe woman in Iran will begin to realize basic human rights instead of imprisoned and raped by their captors for the purpose of preventing them from entering heaven.
2
Posted on 4/23/26 at 6:44 am to ulmtiger
China has 7.5 months of supply in their strategic reserves. (Oil)
China will resume purchasing cheap oil from its BRIC partners once prices decline …. and they will decline.
Buy low, sell high …..
Posted on 4/23/26 at 7:48 am to Barneyrb
quote:
So it really sounds like when we sold them all our reserves (at a discounted rate, thanks Biden) they are now selling it at a profit.
If that’s what they did then they lost money. They would have suffered three kinds of costs: Inflation costs; storage costs, including shipping in each direction; and lost opportunity costs.
Speculating with actual physical commodities is usually a sucker bet.
Posted on 4/23/26 at 8:11 am to ReauxlTide222
quote:
Any chance they’re doing this because they think oil prices are about to drop?
It keeps the price stable and the panic down. The panic is leverage for change. China does not want change as the system works for them. Plus, stability keep the conflict drown out longer. I bet they think it helps their position to have Trump/USA in a longer conflict.
Posted on 4/23/26 at 8:15 am to ReauxlTide222
quote:
Any chance they’re doing this because they think oil prices are about to drop?
They bought very low from Russia and Iran at around $50. It would be interesting to know what grades are being sold and an assay. Sakhalin crude is actually condensate comparable to Eagle Ford thus no refinery uses it other than blending with heavier crudes
Posted on 4/23/26 at 8:24 am to Barneyrb
quote:
So it really sounds like when we sold them all our reserves (at a discounted rate, thanks Biden)
Holy shite hyperbole.
You do know the vast majority of those barrels, which I agree we shouldn’t have frantically released, went to companies like Exxon, Valero, Motiva, Marathon, etc, right?
From there, yeah…those companies, which are not government owned, either refined or shipped the crude to other refineries after they purchased it.
Posted on 4/23/26 at 8:48 am to ragincajun03
quote:
Holy shite hyperbole.
You do know the vast majority of those barrels, which I agree we shouldn’t have frantically released, went to companies like Exxon, Valero, Motiva, Marathon, etc, right?
From there, yeah…those companies, which are not government owned, either refined or shipped the crude to other refineries after they purchased it.
Most of it was exported to China and Europe Historically, the SPR has only served to moderate prices. The vast majority was payment in kind for offshore royalites or bought a well under $50 per barrel back in the 80's. It is also still well above legislated amount with little access via pipeline to the refineries which can use the ONLY two grades of light crude in it. Congress has been selling it for several years before the Biden sale. The US profited greatly. This was the one thing that Biden did correctly, and probably the only thing not FUBAR by his administration. It stabilized prices which had soared due trader panic over sanctions on Russia.
This post was edited on 4/23/26 at 8:50 am
Posted on 4/23/26 at 8:53 am to lake chuck fan
quote:
It's not so terrible to prevent Russia from shutting down the Druzhba Pipeline to Germany.....
BWAHAHAHA, Russia desperately needs the cash flow
Posted on 4/23/26 at 9:00 am to cadillacattack
quote:
China will resume purchasing cheap oil from its BRIC partners once prices decline
What a joke BRICS is. The only ones to supply what China needs are really Russia and Iran. Brazil needs the cash so won't sell on the cheap with the some of worst soil in the world, it uses a shitton of fertilizer per acre which costs real money. Russia just needs cash flow and is failing economically bigtime already.
Posted on 4/23/26 at 9:01 am to bigjoe1
Buy low, sell high, seems like a smart play by chinaman.
Posted on 4/23/26 at 9:05 am to bigjoe1
Didn't Biden give China oil from our strategic reserve?
Posted on 4/23/26 at 10:40 am to CitizenK
quote:
Most of it was exported to China and Europe
Understand, but it was sold to actual companies, correct? Then those companies decided what they wanted to do with it.
It wasn’t handed over to Sinopec or CNOOC, or as I saw one comment on here, just “given” to China by Joe Biden himself.
Posted on 4/23/26 at 11:47 am to ragincajun03
It was publicly bid and sold to companies which included Sinopec and CINOOC. Both of those also are non operating partners in Gulf of America drilling and one with Exxon in Guyana.
SPR is teats on a boar hog, and couldn't deliver enough per day to last less than a year at present state, even if all the pipelines had not been reversed to the Gulf Coast. SPR has leased storage space to private companies to partially justify its existence. Otherwise, it is a giant boondoggle with a great slogan
SPR is teats on a boar hog, and couldn't deliver enough per day to last less than a year at present state, even if all the pipelines had not been reversed to the Gulf Coast. SPR has leased storage space to private companies to partially justify its existence. Otherwise, it is a giant boondoggle with a great slogan
This post was edited on 4/23/26 at 11:51 am
Posted on 4/23/26 at 11:55 am to CitizenK
FTR, there are a number of private boat lifts which use rigging straps purloined from SPR by employees. None of these had ever been used for rigging I have seen boat houses with as many as 3 boat lifts using two each rigging straps they got for "free" from an SPR
This post was edited on 4/23/26 at 12:01 pm
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