this post was submitted on 28 Jul 2026
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The crisis isn't worse thanks to China. They anticipated disruption and filled their reserves with mega buffoon amounts of oil the last few years. Now that there is a kink in the world's oil hose, China has limited their imports by a huge amount, has supplemented the need for fossil fuels with renewables, and is working through their oil reserves rather than expecting to get as much as they want "from the tap". The effect is that the overall world demand for oil isn't as bad as it could or should be, due to smart state planning.
Otherwise, we're in the same story. All countries are pumping their dwindling reserves hoping an end is in sight, which it isn't. And the market chooses to believe whatever the US president says as long as someone else is holding the bag.
Post-reality living
Also while all of this is true, China has also started importing again, so what was keeping apocalypse at bay, is possibly about to end.
Add on to that Ansarallah's blockade/attacks on Saudi oil and the crisis grows more acute
And attacks on Russian refineries.