US oil reserves hit 43-year low

The US Strategic Petroleum Reserve fell below 300 million barrels for the first time since 1983 on Monday, as Brent crude prices spiked after Middle East negotiations stalled.

Washington has leaned heavily on reserves since the US-Iran war began, raising concerns about depletion. Meanwhile, China has been able to turn its own appetite for crude imports on and off with little noticeable effect on growth: “We don’t really know how they did that,” Bloomberg’s Javier Blas told Columbia Energy Exchange, adding that China, more than any other country, is “really truly… embracing all of the above,” leading in both emissions and green energy.

Beijing’s ability to control oil prices is now unrivaled, The Economist argued, suggesting “China is the new OPEC.”