The EU is more of a threat to us ( and Liberty and Freedom) than Russia is.
The EU was created as an economic union, Trade and Commerce, and has evolved into an anti-Christian, authoritarian regime bent on warring with Russia.
European history is a testament to unending bloodshed, revolutions and war.
China’s domestic oil production is confined to very discreet areas. Particularly in the Northeast towards what used to be called Manchuria.
They’re pumping about 5 million barrels a day and each year they declare they will increase that output and each year they fail.
Their consumption is currently about 16.6 million barrels per day, requiring import of 11.6 mbpd. This is a very large percentage of the oil of the world that is available for imports. This is a measure of rarely examined but when you start talking about 11.6 mbpd it’s somewhat critical.
It can be no surprise that China and Russia are aligned and becoming more so.
Chinese consumption is projected for this year to be:
Up 1.1%
Down 1.1%
Up 2%
Flat.
You can find experts who will offer up their own prediction for pay. Because it’s for pay and that funds flow is desired to continue, they will tell the purchaser whatever they want to hear.
EIA is looking for flat to slightly down. OPEC is looking for up.
Here’s a perspective that you seldom see. US oil consumption is right around 19 million barrels per day. You can make a strong case for that defining American lifestyle. Defining American society. It defines the comfort level of American Life.
On a per capita basis the US consumes 0.05 barrels per person per day.
If China achieved that, given their population differential, they would be consuming over 80 million barrels per day. In the context of defining lifestyle and defining level of comfort, why should they aspire to anything less?
Answer, because that much oil does not exist coming out of the ground. Behold the difference between demand and consumption.
There is the question of why they would tolerate inferior life rather than insisting on taking some of the oil being consumed by the US.
Xi has Putin’s leash,
IBTS