DAVID FICKLING: Oil market highlights US-China codependency

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 23%
  • Publisher: 63%

The world’s two biggest energy consumers have found one issue they can co-operate on, but their relationship remains an uneasy one

South Africa Latest News, South Africa Headlines

You might think, from the way China and the US are working together to release crude from their strategic petroleum reserves and take some of the heat out of the oil market, that the world’s two biggest energy consumers had found one issue they can co-operate on.

It’s not hard to see why Beijing would want a more secure foothold in the Gulf. The US has been one of the world’s three biggest oil producers since the 19th century and could, in a pinch, be self-sufficient. China, on the other hand, imports nearly three-quarters of its oil, about 60% of the total by sea.

That’s the best explanation for Washington’s continued obsessive involvement in the Middle East, a region in which it has few strategic interests proportional to the vast sums invested over the decades. Pipelines through Myanmar, a railway across Malaysia, and incentives for rail transport through central Asia all reduce dependence on the chokepoint around the Strait of Singapore. China’s recent increased anti-piracy activity in the Indian Ocean and aircraft carrier construction all suggest ambitions to become a naval power, able to operate far from its own shores and secure distant sea lines of communication essential for its own survival.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global markets improve as price of oil boosts fuel companiesInvestors are expecting a host of data in the US ahead of Thursday's Thanksgiving holiday
Source: BDliveSA - 🏆 12. / 63 Read more »

Oil dips as all eyes on response to US-led crude releaseOil cartel Opec and its allies are meeting next week to discuss demand and supply South Africa can jump start its economy if it does the following: 1-Remove the race based BBBEE laws! 2-Remove all labour law red tape! 3-Reduce Corporate Income Tax to 22%! (This will be lowered to 27% next year tho) .... TalkingAfrica
Source: BDliveSA - 🏆 12. / 63 Read more »

Market data — November 24 2021Market data including bonds and fuel prices
Source: BDliveSA - 🏆 12. / 63 Read more »

Growthpoint’s office vacancies hit record highOffice market deteriorates in the three months to end-September 🔒
Source: BDliveSA - 🏆 12. / 63 Read more »

Nurses march in Tshwane over grievancesThe Democratic Nursing Organisation of SA and Denosa National Student Movement are expected to march in Pretoria on Thursday to highlight their grievances. My daughter and I slept hungry last night. I didn't want that to happen again today💔. Please just help us with mealie meal just so that my daughter can eat. We'll eat it with sugar water🙏. For my 4 year old
Source: SowetanLIVE - 🏆 13. / 63 Read more »

FOMC stresses Fed should be ready to adjust pace of taperOfficials highlight need for flexibility in scaling back bond-buying programme as well as the timing of interest-rate increases
Source: BDliveSA - 🏆 12. / 63 Read more »