When it was announced in 2023 that the African Union would become a full member of the G20, I darkly joked on a podcast that the AU’s entry into the body could very well mark the moment the G20 lost its status as one of the most important global coordination forums. Mark my words, I said, soon The Economist will be like “Uhhh, the G20 is OVER – it’s the ...
Category: Oil
Cook Islands Involved in Trade of Sanctioned Oil to China?
Several tankers suspected of transporting Iranian and Russian oil to China were registered to the Cook Islands, according to an ongoing investigation by AFP. The news agency analyzed sanctions data from the U.S. and UK, and found that at least 34 ships tagged as transporting sanctioned oil in ...
East Africa Court Dismisses Activists’ Case Over Massive Franco-Chinese Oil Project
The East African Court of Justice has dismissed a case challenging TotalEnergies' massive oil project in Uganda and Tanzania, after civil society groups sought a full trial over the controversial development. Four civil society groups first filed a petition in 2020 ...
China Customs Gap Hints at Iranian Crude Oil Labeled as Indonesian
China is importing much more crude oil declared as Indonesian than Indonesia says it is exporting, customs data from both countries show. Chinese customs figures released this week show 9,81 million metric tons of crude listed as coming from Indonesia ...
India Forced to Pay Russia in Yuan, Handing China an Unexpected Win
China stands to gain from a surprising twist in global energy trade: India, long a rival and major oil importer, is now being forced to pay Russia for crude in Chinese yuan (RMB), a move that strengthens the yuan’s global role and indirectly supports China’s currency in ...
U.S. Expands Iran Sanctions, Targeting Chinese Firms Tied to Oil Shipments
The United States on Thursday imposed sanctions on dozens of people, companies and ships tied to Iran's oil sector, stepping up its campaign against a key revenue source for Tehran. The Treasury announced more than 50 targets aimed at people who ...
China Races to Stockpile Cheap Oil, Expanding Strategic Reserves Amid Global Tensions
China is in the midst of a massive oil stockpiling campaign that will add at least 169 million barrels of crude to its strategic reserves over the next year. So far, 37 million barrels of storage capacity have been built at 11 ...
China to Stockpile 169 Million Barrels of Oil by 2026
China is expanding its crude oil reserves with new storage sites scheduled for completion in 2025–2026. The effort will add at least 169 million barrels of capacity across 11 locations, according to public data. China has built about ...
New Insights Emerge About Iran’s Secretive (and Very Lucrative) Trade With China
It's been an open secret for years that China and Iran figured out some very creative ways to circumvent international sanctions to conduct billions of dollars in trade every year. Until now, though, it just wasn't clear how they did it. ...
Spike in Chinese Oil Imports from Indonesia Sparks Iran Rumors
A surge in oil imports from Indonesia to China over the last two months has sparked allegations that China may be importing sanctioned Iranian oil via the Southeast Asian country. Since July, China has imported 2.7 million tons of crude oil ...
Independent Chinese Companies Drive Oil Investment Boom in Iraq
Independent Chinese companies are reportedly crowding into the Iraqi oil sector. Representatives from four Chinese companies recently said their combined output will reach 500,000 barrels per day by 2030, a 100% increase from current levels. The investment boom comes as smaller
A PetroChina Insider Reveals About China’s Tumultuous Energy Gamble in Africa
HEADLINE TRANSLATION: "Thirty Years of PetroChina in Africa: Diplomatic Grace or a Long and Arduous Road Ahead?” In a rare and revealing essay published under a pseudonym, a veteran PetroChina executive, known ...
U.S. Treasury Chief Says China Talks Could Cover Iran, Russia Oil Buys
The next round of U.S.-China talks could include Chinese purchases of Russian and Iranian oil, U.S. Treasury Secretary Scott Bessent said Monday, a move that would shift the focus of trade negotiations into national security issues. U.S. President Donald Trump has ...