All talks about future trade, oil priced in, oil price are driven by speculation from summer trips,... I'm not buying it! The oil cartel just wants to drive the oil price back to high again and justify it with their trade bullshit. We're fucked as this is the summer price. If back to fall/winter, coal along with natural gas will both be in demand. Oil can follow with mark-up price based on the baseline right now.
Despite the economy is in a shabby situation. China doesn't use as much oil as before, with no domestic tours in a country with a population of 1,4 billion. God, the oil cartel truly got everyone in their string.
When Trump was the president, he kept fuel prices at a very affordable level. Back in 2020, crude oil was trading at around $40 per barrel. And then the OPEC cartel decided to support Biden in his election bid. Biden returned the favor when he became the president, by banning fracking in federal lands and cancelling the Keystone XL pipeline. Crude oil prices immediately went up by 150%. The ongoing Russo-Ukrainian war is only having a nominal impact on the prices. Most of the price rise resulted from Biden's stupid policies in 2021.