Forget OPEC, China Controls Oil Prices

U.S. shale has taken a lot of headline space recently as the
biggest headwind for oil prices and the highest stumbling block for
OPEC’s efforts to prop them up by cutting production. Yet, there
may be another factor that could bring down oil prices as soon as
next year… China. China has been building a strategic crude oil
reserve for the last decade, but the size of that reserve remains
undisclosed, with analysts making estimates based on China-bound
cargoes and satellite imaging. Last year, a Silicone Valley tech
company, Orbital…

U.S. shale has taken a lot of headline space recently as the
biggest headwind for oil prices and the highest stumbling block for
OPEC’s efforts to prop them up by cutting production. Yet, there
may be another factor that could bring down oil prices as soon as
next year… China. China has been building a strategic crude oil
reserve for the last decade, but the size of that reserve remains
undisclosed, with analysts making estimates based on China-bound
cargoes and satellite imaging. Last year, a Silicone Valley tech
company, Orbital…