It didn’t take long for your post to become childish. Clearly you are out of your comfort zone and short handed.
Lmao, you started it, so don't complain when its dished back to you.
Which “international oil prices”. You keep making up crap you have never had experience with. Have you even traded oil futures before? I have.
So which International oil prices are you talking about? Most prices that you hear in news is West Texas (WTI) or Brent Crude (Russia), but there are MANY prices out there.
You know exactly what I'm talking about, stop arguing in bad faith. You know for a fact I'm using laymen terms on purpose, and for you to try and use that as a "gotcha" moment just goes to prove how bad your argument is.
Why would Iran use WTI price when Iranian crude is substantially different from WTI? Iranian crude is based on demand from countries that have refineries to process it vs refineries built to process Saudi Oil vs Venezuela oil vs Brent vs WTI.
And how would China “be getting ripped off”? If WTI is trading around $60 right now that is within range since 2017 when it has traded around $50 up to $70.
The brief plummet in oil prices on Q1 and Q2 of 2020 was due to once a century panademic event and oil traders who were heavily shorting oil beyond reason. This caused price to plummet far below actual demand price. Once the dust settled WTI naturally rose back to its range.
Note: I quote WTI for simplicity of argument.
Average price of WTI
| 2021* | 57.79 |
| 2020 | 39.16 |
| 2019 | 56.99 |
| 2018 | 64.94 |
| 2017 | 50.88 |
So now using WTI as a barometer for oil prices for arguments sake, China would not be “getting ripped off”. If China wanted 2020 prices well that was due to a global shutdown and heavily shorted oil contracts by equity traders who were taking advantage of the economic situation to make $$$. And China actually would be getting a deal since Iranian crude is at a discount due to sanctions and less demand vs the more demand blends of crude out there on the market.
You don't even realize that you just made my argument for me, thanks for that.
Once again, I have to repeat this, if the article is to be believed then China does not need more oil, regardless of an oil discount from Iran or not. even if China agrees to it, with the talks between Iran and the US about Iran's nuclear problem and potential lifting of sanctions, or perhaps adding more sanctions to Iran as a pressure tactic, there is no evidence to suggest Iran's oil prices will remain stable or favorable. Even if they do, and China gets a good deal, what good is an over abundance of oil gonna do for China? I would rather get cash, not because I'm cash strapped, but because an oil barter simply makes little sense.
Again you continue sprouting off your erroneous OPINION without any facts to back you.
I am literally going off the article, while all you're doing is googling a few things here and there.
Saying that China needs 3B in cash to paid its reserves when it pays that amount to Iran literally every month is hilarious. Now if the arms deal was for 50B or 100B, you could make the argument that China doesn’t want to barter for such a large amount. But 3B? That’s a joke. South Korea has 8B in oil dues owed to Iran from last shipments alone.
Once again, you have zero clue on what forex reserves are used for, and your ignorance shows.
And once again, you're straw manning me, like I pointed out before, we're not talking about a sale of oil to China, that's a completely different contract, we're talking about bartering oil for defense equipment. They're not the same thing. It doesn't matter if the barter is worth $1 or $1 trillion, its not the same thing. Its disingenuous for you to suggest otherwise.
Anyway, I'm done here. Its clear you want to continue engaging in bad faith arguments, and I'm at the point that I just don't care enough anymore.
That notoric troll is just spouting ridiculous and unintelligent rethoric bullshit that suit his usual simpleton narratives i.e. that China is cashstrapped which fits into the usual China on the verge of collapse and therefore China bad/wrong picture.
The reality is that over the last year China simply bought and shipped more oil than most people can imagine and China could store when prices where rock bottom. Its pretty much common knowledge outside of Americas disinfo bubble, so Im not going to bother doing his homework. Thats where the comments about China not exactly hungering for oil taken out of context in the US state propaganda article come from. Its not about general lack of interest in Irans discount oil prices. Infact that has never ceased beyond US regime intervention. Not this typically disingenious leap of logic that China is low or in dire need of cash and denial of Chinas economic rebound because it wasnt covering up and prolonging countermeasures against Covid like the failure that is the US regime.
Obviously theres also the angle of denying Chinas energy security that comes with China sitting on massive reserves while paid US government shills are still running around suggesting that Chinas economy is collapsing because of made up energy shortages to fabricate a counter narrative to belittle and cope with Chinas retaliatory sanctions againsts hostile Australian elements hurting exactly the right peoples bum they are supposed to be.
If you're gonna insult me, do it directly, don't be a coward.
Your comment is nothing more than a giant strawman argument, not even worth addressing.
