CNBC
20 May 2026, 04:19 UTC · 1d ago
Source · https://www.cnbc.com/2026/05/20/putin-xi-gas-pipeline-power-of-siberia-iran-war-.html
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A U.S.-Iran war has effectively closed the Strait of Hormuz, disrupting 50% of China's oil imports and nearly 33% of its LNG supply. — A closure of a primary global energy chokepoint creates severe supply shocks and price volatility for global energy markets.
-0.90Russia and China are discussing the Power of Siberia 2 pipeline to transport 50 billion cubic meters of gas annually from Russia to China via Mongolia. — Successful implementation provides a critical alternative energy route for China and a massive new revenue stream for Russia's collapsed European gas exports.
+0.40Negotiations for Power of Siberia 2 are stalled due to a significant pricing gap between China's request for domestic Russian rates and Moscow's higher demands. — Pricing disagreements suggest a high probability of delay or failure in securing the pipeline agreement.
-0.20China's onshore crude inventory is currently sufficient for approximately 92 days of refining needs. — High reserves act as a temporary buffer against the immediate volatility caused by the Hormuz closure.
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