China has helped limit the spike in oil prices since the start of the war against Iran by cutting its crude imports by nearly 32%, or about 4 million barrels per day in the second quarter. Beijing built the world’s largest strategic petroleum reserve, estimated at 1.4 billion barrels by the end of 2024, allowing it to draw from inventories and reduce global demand. Brent crude currently hovers around $100 per barrel, after reaching $126 in late April, with Bank of America analysts forecasting $83 for the second half of the year. Xi Jinping is making a state visit to Washington next week as deep differences persist between the two countries over the Iran issue.
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