The oil markets aren't what they used to be, as evidenced by the current dynamics with major producers like Saudi Arabia and Russia diversifying their economies. This shift is crucial as oil prices remain depressed due to factors such as China's economic downturn and the US shale boom. The pressure on these economies highlights a significant transformation in the global oil landscape, where traditional patterns of price spikes in response to geopolitical tensions are no longer as apparent.
China's prolonged economic downturn has led to decreased demand for oil, exacerbating low prices that have been kept down by the US shale boom over the last 15 years. As the world's largest oil importer, China's economic performance has a profound impact on global oil prices, demonstrating how interconnected the global economy has become. The refining of the oil market highlights significant structural changes that some of the largest producers, like Saudi Arabia and Russia, are grappling with.
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