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Michael Bernstam reveals that China has significantly reduced its oil imports by nearly half by drawing on massive strategic reserves of 1.4 billion barrels and increasing electric vehicle adoption. Simultaneously, the U.S. has reached record domestic oil
Season 8
Episode 993
Published 2 weeks, 6 days ago
Description
Michael Bernstam reveals that China has significantly reduced its oil imports by nearly half by drawing on massive strategic reserves of 1.4 billion barrels and increasing electric vehicle adoption. Simultaneously, the U.S. has reached record domestic oil production of nearly 14 million barrels per day. These factors combined help lower global oil prices despite declining inventories in other OECD countries. (10)
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