Mar 18, 2024
China recently discovered large oil fields. Once developed they could be net exporter of oil but for sure no longer a customer of Russian oil. This double hit on Russia, loss of a customer and a new competitor, likely alters their planning even if the projected oil field development is 10 years away.
Add in a shift to EVs affecting up to 50% of oil demand over time, my guess is Russia will be more desperate.