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The battle between authoritarian states and democracies in the new Cold War is centered around petroleum as a weapon. However, higher oil prices caused by output cuts by Russia and Saudi Arabia may backfire on them. China, the largest source of additional oil demand, is at a crucial moment in its energy transition and its gasoline demand is expected to peak this year. Every dollar added to the oil price will lead to a faster drop in long-term demand from their most important market, including India.

Ar riyaSaudi arabiaUnited statesVladimir putinJoe bidenWorld trade organizationChina petroleum chemical corpWhile washington strategic petroleumCold warPresident vladimir putinSaudi arabian crown prince mohammedPresident joe bidenChina petroleumChemical corpStrategic petroleum reserveChina economy