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The Iran Saudi talks had already taken place and there was a sense of fatigue on both sides after the prolonged war in Yemen. The Chinese mediation was able to build on this to get the two sides to discuss their differences and come to an agreement. The situation in Russia and Ukraine is very different. China's interest in ending the war in Ukraine comes from its need to not let relations with the European Union deteriorate any further, as this will affect China's economic growth. The pandemic and supply chain shift to home country manufacturing is not likely to change even if China finds a way to keep its relations with the European Union from deteriorating further, as this shift is seen by the US and the European Union as part of the new way of meeting their own strategic interests in the new world following the pandemic.
The Iran Saudi talks had already taken place and there was a sense of fatigue on both sides after the prolonged war in Yemen. The Chinese mediation was able to build on this to get the two sides to discuss their differences and come to an agreement. The situation in Russia and Ukraine is very different. China's interest in ending the war in Ukraine comes from its need to not let relations with the European Union deteriorate any further, as this will affect China's economic growth. The pandemic and supply chain shift to home country manufacturing is not likely to change even if China finds a way to keep its relations with the European Union from deteriorating further, as this shift is seen by the US and the European Union as part of the new way of meeting their own strategic interests in the new world following the pandemic.
LyrArc Article Gist
Gas supplies are so tightly balanced that minor glitches can create a jump in gas prices and electricity bills, says this report in WSJ. There is no backup supply with about 2 million barrels of oil gas equivalent knocked out because of Ukraine war. Supply is 4080 billion cubic metres of gas worldwide and demand 4070, so tight. By comparison oil supplies have backup and are more stable gpoing up only 6% for Brent crude this week of Israeli conflict. Even the stoppage such as at the Tamar offshore gas field west of Haifa, Israel or a Baltic sea gas pipeline explosion in Finland can have an effect. Gas prices benchmark was up 40% during the Israel Gaza war, by comparison oil is relatively stable with Brent crude rising 6%. Iran exports 3.1 million barrels a day, the US to keep prices stable has not strictly imposed sanctions on Iranian oil.
Gas supplies are so tightly balanced that minor glitches can create a jump in gas prices and electricity bills, says this report in WSJ. There is no backup supply with about 2 million barrels of oil gas equivalent knocked out because of Ukraine war. Supply is 4080 billion cubic metres of gas worldwide and demand 4070, so tight. By comparison oil supplies have backup and are more stable gpoing up only 6% for Brent crude this week of Israeli conflict. Even the stoppage such as at the Tamar offshore gas field west of Haifa, Israel or a Baltic sea gas pipeline explosion in Finland can have an effect. Gas prices benchmark was up 40% during the Israel Gaza war, by comparison oil is relatively stable with Brent crude rising 6%. Iran exports 3.1 million barrels a day, the US to keep prices stable has not strictly imposed sanctions on Iranian oil.
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