Economic conflict between US, China extends to oil trade amid concerns about feasibility


(MENAFN) Amidst the ongoing trade and economic tensions between the United States and China, the oil market has emerged as a new battleground. Washington's efforts to hinder Beijing from acquiring oil from the American Strategic Petroleum Reserve have raised questions among international oil and energy experts regarding the effectiveness of such measures. With China actively expanding its oil reserves through record imports from Russia and other nations, including those in the Middle East, experts are skeptical about the feasibility and potential outcomes of Washington's strategy.

In exclusive statements to the "Eqtisad Sky News Arabia" website, experts expressed doubts about the efficacy of the US decision, noting that China is unlikely to be significantly impacted. Moreover, they argue that the decision may not yield tangible benefits for the United States and could potentially exacerbate the economic conflict between the two nations. Such escalation could further incentivize China to strengthen its alliances, particularly with Russia, and potentially with other oil-producing countries in the region.

The US Congress has also become involved in addressing the issue, with several members proposing amendments to financing laws aimed at restricting China's access to oil from the US Strategic Petroleum Reserve. This move adds to the growing number of legislative initiatives seeking to address the competitive dynamics between the US and Chinese governments. As tensions persist and evolve in the realm of oil trade, the implications for global energy markets and geopolitical relations remain uncertain.

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