economy
The great energy pivot: US oil and Chinese solar are the winners in Trump’s war on Iran
Exposure of world’s reliance on Middle East supplies accelerates global shift towards new energy superpowers
TL;DR
- A record number of empty supertankers are heading to the US to load crude oil, driven by the Middle East supply crisis.
- US crude exports have climbed to a record 5.2m barrels a day following disruptions in the Strait of Hormuz.
- The Middle East conflict has erased a third of Saudi crude production, with recovery expected to cost billions and take years.
- The Americas, particularly South America, are poised to become a significant source of incremental oil supply.
- China is emerging as the 'out-and-out winner' of the crisis, dominating clean energy technology supply chains and seeing record exports of solar technology.
- The shift towards renewable energy is accelerating globally, with countries increasing imports of solar technology, especially in Africa and Asia.
- The future of the global energy market will see new winners and losers, requiring fundamental strategic rethinking.