While the reality that global oil supply levels have peaked is unmistakable, the more pertinent scenario is this:
China has become an oil whore...
EVIDENCE is mounting that China is buying more oil than it consumes, raising fears that oil hoarding may be supporting the current high price of crude....while Russia is just a prude...The signs of aggressive Chinese stockpiling emerge from research by Merrill Lynch, the investment bank, which suggests that China is importing crude and refined products at twice the rate of growth in actual demand.
MOSCOW - Prime Minister Mikhail Fradkov pledged Friday that Russia would keep meeting its oil export commitments to China, an apparent reference to fears that a cut in production at the beleaguered Yukos oil company could harm Beijing. [...] The Yukos affair has drawn concern from foreign governments, and it has also added uncertainty to the oil market amid warnings by Yukos that it might have to cut back production.(sigh...) C'mon Ruskies...give it up.
Proppage for the post idea: Considerettes