China has a powerful new oil price weapon
The Middle East conflict reveals how the Asian giant has become the stabilising force for commodity prices
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SAUDI Arabia is known as the “swing exporter” in the oil market, because it can either pump out more or less of the black stuff in response to shocks.
Historically, the kingdom hasn’t had a match on the demand side.
Barring a major economic crisis, consuming nations have always kept their purchases steady. Not anymore. After the Iran war, China has emerged as the world’s first oil “swing importer”.
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