Beijing’s caution in challenging U.S. supremacy around the globe might be dissipating. Practical ramifications for the global oil sector from China’s geopolitical shift would be enormous. President Xi has signed a new directive that gives China’s military a broader mandate to operate. China stated two weeks before Russia invaded Ukraine that “there is ‘no limit’ to how far Russian and Chinese friendship may go ” and signed a swathe of huge oil and gas deals shortly thereafter that provided an additional layer of insulation to both countries from any U.S. sanctions in the future. Only a day after the invasion began on 24 February, however, Chinese President Xi Jinping held urgent talks with Russian President Vladimir Putin and advocated peaceful negotiations between Russia and Ukraine. This was widely seen as a sign that Beijing had not believed that Russia would launch a full-scale invasion of Ukraine before it did […]