Will Oil Prices Rise as the US-Iran Truce Frays? The Answer Lies With China. NYT - Energy & Environment By: Rebecca F. Elliott and Lisa Friedman 13 July 2026 at 19:00 For decades, OPEC influenced the market by how much oil it produced. But China, the largest importer, is demonstrating its remarkable power over prices. © Agence France-Presse — Getty ImagesA tanker at a crude oil terminal in Qingdao, China. Typically the world’s largest oil importer, China slashed purchases this spring.
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