jerry pdx Could be a game changer, China has never been an oil producer and this could tip the economic balance in their favor. The CCP was toying with the idea of using the gold standard to back the yen because they couldn't create a "petro yen" like the US did with the petrodollar, now they may be able to do it. I do wonder how expensive it will be to extract this oil, sounds like it's pretty deep. It all depends on the price of oil, if OPEC allows prices to stay high they might have competition from China, keep it cheap it might not be cost effective to extract.
In Xi's hair?IF they did,quite a boon for them--and it means there's probably more.
ReplyDelete--GRA
jerry pdx
ReplyDeleteCould be a game changer, China has never been an oil producer and this could tip the economic balance in their favor. The CCP was toying with the idea of using the gold standard to back the yen because they couldn't create a "petro yen" like the US did with the petrodollar, now they may be able to do it. I do wonder how expensive it will be to extract this oil, sounds like it's pretty deep. It all depends on the price of oil, if OPEC allows prices to stay high they might have competition from China, keep it cheap it might not be cost effective to extract.